Located at 1625-1627 & 1665 E. Valley Parkway in Escondido, the shopping complex dates back to 1975. Encompassing 69,780 sf, it was 100% occupied at the time of sale, according to the Burnham Real Estate Services ONCOR International team that brokered the deal. The team tells GlobeSt.com that tenants here include Longs Drugs and Big Lots.

The Burnham Real Estate Services brokerage team acted on behalf of the seller, Intervest-Escondido LP. The same team, which consists of Bill Barnett, Chris Campbell, Doug Hogan and Rick Puttkammer, spoke on behalf of Pacific Development Partners, which plans to hold the recently acquired asset as an investment. In addition, Gary Goss of Burnham Capital Markets arranged a $3.3-million loan for Pacific Development Partners through John Hancock Mutual Life Insurance Co.

Retail activity continues in all aspects--sales, leasing and new development--in San Diego County, as the region continues to boast one of the strongest economies in both the state and the nation. Despite a slight rise in unemployment in January of this year, the county continues to hold onto its ranking as number four statewide, which means that only three other regions in California have lower levels of unemployment. According to the latest statistics from the State of California Employment Development Department, San Diego County reported an unemployment level of 4.4% in January of 2003, which is quite low compared to many other parts of the nation.