Investment Overview

Marcus & Millichap has been retained by ownership to exclusively market for sale Centre City Plaza, a 14,260 square foot multi-tenant retail strip center located at 410 W Felicita Ave, Escondido, CA 92025. Originally built in 1979 the property underwent extensive renovation in 2007, and a new roof and parking lot in 2023. The asset is located at the premium retail intersection in South Escondido, strategically positioned with frontage along S Centre City Parkway, one of Escondido’s main thoroughfares that sees more than 32,184 vehicles per day and a daily trip count of 58,000. The plaza has two ingress and egress locations on S Centre City Parkway and West Felicita Ave. Adjacent to the property sits a corporate owned Walgreens, AutoZone, and McDonalds amongst many other national tenants such as Vons, Panda Express, Burger King, Sprouts and Trader Joe’s, which confirms the strength of this location and drives foot traffic. The property has a total of fifty-one dedicated parking stalls, with a parking ratio equal to 3.64/1,000. The property is 100% leased with a net-effective rent of $1.65 per square foot. The NNN lease structure allows for pass through of all operating expenses. According to Costar analytics and in conjunction with comparative properties, the average in place rent is 30% 45% below market. The overall attractiveness of the center enhances its position in a very dynamic retail trade area and submarket that continues to improve. The property is currently home to eleven market driven and service-oriented tenants, none of which comprise of more than 15.95% of the rentable square-footage. Escondido has a total of 9.4 million square-feet of retail with a 5.1% retail vacancy. In summary, this offering provides an investor an opportunity to purchase a stabilized asset, with a clear path to true value-add. Improving the leasing efforts through additional marketing and incentives and raising rents closer to a market rent representative of the current market will bring the property to its true potential.