Marcus & Millichap, a leading commercial real estate brokerage firm, recently facilitated the sale of Centre City Plaza in Escondido. The multi-tenant retail property spans 14,260 square feet and sold for $3.95 million.
According to Nick Totah, Senior Vice President of Investments at The Totah Group within Marcus & Millichap’s San Diego Downtown office, the property received six offers within just 30 days on the market. He also noted that due to Escondido’s continued growth and high demand for well-positioned retail properties, the buyer plans to hold onto this asset as a long-term investment.
The seller of Centre City Plaza was Cruz Associates LLC and it was marketed by Totah and Ross Sanchez (Senior Investment Associate at The Totah Group). Additionally,Totah and Sanchez were responsible for procuring White Board Poway Associates LLC as the buyer.
Originally built in 1979 with recent renovations completed in 2007 including major capital improvements such as a new facade,the property is located at410 W. Felicita Ave.inEscondido.It will also undergo further updates with a new roofand parking lot scheduled for completionin2023.This successful transaction highlights strong demandfor quality retail assetsinEscondidowhich continues to bea thriving marketfor investors seeking stable long-term investments.
“}]]
