In addition to Albertsons supermarket, the complex is also anchored by Coco's Restaurant, Church's Fried Chicken and Mobil Oil. Located at 3906-3935 Mission Ave. in Oceanside, the asset is known as Mission Douglas Plaza, Phase I. The buyers, Yacoel Properties LLC and Maria E. Yacoel, plan to hold the property as an investment.
Bill Barnett and Doug Hogan of Burnham Real Estate ONCOR International acted on behalf of the buyers, as well as seller Mission Douglas Partners LLC. Gary Goss of Burnham Capital Markets arranged the financing for the recent transaction.
Grocery-anchored properties have long been a favorite of retail investors, especially during unstable economic times. These types of properties continue to boast steady sales even when consumers cut back on expenditures, since they sell basic essentials such as food.
San Diego County's retail market in general continues to buck the shakiness of today's national economy with recent reports of positive growth. At mid-year, vacancy rates had declined from 5% to 4% countywide, according to a report released by BRE Commercial/NAI. The mid-year statistics show that 532,717 sf of retail space was absorbed in the second quarter of 2003.
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