Marcus & Millichap recently closed the sale of a 179,514-square-foot Lowe’s-anchored shopping center in Escondido for $28.5 million. Ron Duong, Senior Managing Director Investments in Marcus & Millichap’s Orange County office, marketed the asset to a large pool of investors and sourced multiple offers from institutions and family offices on the West Coast, New York and Florida. The buyer paid all cash with due diligence completed within 30 days.
Duong was joined by Joe Berkson (Senior Managing Director Investments) representing the seller – a private investor – while Attia (First VP Investments) represented the buyer during this transaction which included an independently parceled Panda Express with drive thru as well as fee simple ownership of three tenant retail building anchored by San Diego Gas & Electric located at California State Route 78/Interstate 15 junction that sees more than 240K vehicles daily.
The recent Lowe’s-anchored Escondido retail sale demonstrates strong market demand for quality assets located in high traffic areas even amidst current economic conditions caused by COVID pandemic crisis resulting in record breaking prices per square foot achieved on this deal according to Marcus & Millichap representatives involved into it .
