Centre City Plaza, a 14,260-square-foot multi-tenant retail property in Escondido, has been sold for $3.95 million, according to a real estate brokerage.
“The property was on the market for 30 days and received six offers,” said Nick Totah, senior vice president, investments for the Totah Group in Marcus & Millichap’s San Diego Downtown office. “The seller was retiring, and with the continued growth of Escondido and demand for well-located retail properties, the buyer plans to hold as a long-term investment.”
Totah and Ross Sanchez, a senior investment associate, also with the Totah Group, represented the seller, Cruz Associates, LLC. The buyer, White Board Poway Associates LLC, was also procured by Totah and Sanchez.
Built in 1979, Centre City Plaza, 410 West Felicita Ave., had a major renovation in 2007. A new roof and parking lot were added last year.
The center is home to local and national retail tenants and is 100% leased with below-market rents. Businesses there include McDonald’s, Walgreens and AutoZone.
Totah cited the property’s “fast-improving demographics, a high growth market and the high traffic intersection,” calling it “an ideal location.”
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.