Buyer CDMPY El Camino LLC and PLENC LLC have purchased the property after securing $10.7 million in acquisition financing from Credit Suisse First Boston/Column Financial. Jon Walz and Jesse Lowe from Burnham Capital Markets arranged the loan.
Located at 141-215 S. El Camino Real, the retail center is currently 91% leased. Tenants here include 99¢ Only Stores, Indigo Joes and Kelly Paper. New owner Euston Homes plans to hold the property as an investment. Burnham Real Estate Services will handle leasing at the center, in addition to assisting with the property management.
The Encinitas deal is just the latest sign of the strength currently found in the San Diego retail market. Net absorption here remained in positive territory at the end of 2002, with Marcus & Millichap releasing a preliminary vacancy rate of 4.9%.
According to Marcus & Millichap, "solid consumer spending will fuel demand for space and keep the (San Diego) retail market tight in 2003." The brokerage firm also predicts that investment interest here will remain high and sales will slow, as more owners decide to hold onto their assets.
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