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Owner/User Shells Out $10M for Retail Space

VISTA, CA-Buyer Bedrosian Vista LLC plans to use a 65,000-sf portion of the 105,000-sf facility, which is located at 1725 Hacienda Dr., to house its tile and marble business. It will lease out the additional space, which currently stands vacant.

By Erin Cassin | Updated on August 28, 2004

VISTA, CA-A 105,000-sf retail facility in the Creekside Shopping Center has been acquired by an owner/user that plans to use 65,000 sf for its tile store and lease out the remaining space to additional retailers. Buyer Bedrosian Vista LLC has shelled out $10.2 million for the building, which was previously occupied by now defunct retailer House2Home and its predecessor, HomeBase. House2Home, which was based in Irvine, filed for bankruptcy in November 2001.Seller Vista Investment LP, which is an affiliate of a Santa Barbara-based real estate investment advisory firm, decided to divest of the asset because they could sell the vacant building into a strong buyer’s market, according to Eric Tompkins of CB Richard Ellis’ San Diego Central office, who brokered the transaction. “This was one of the few remaining blocks of space available in the 78 corridor,” Tompkins tells GlobeSt.com. Bedrosian Vista LLC plans to house its company, known as Bedrosian Tile and Marble, in the recently acquired building. The new store will feature a state-of-the-art, 12,000-sf showroom and a 6,000-sf closeout center. “The buyer was attracted to the property because of the fact that Circuit City and Costco were part of the overall [Creekside Shopping Center] project,” Tompkins says, noting that the high visibility of the building was another feature that factored into the sale. Built in 1993, the freestanding facility stands on an 8.9-acre parcel located at 1725 Hacienda Dr. Tompkins, along with CBRE colleague Dave Hagglund, acted on behalf of the seller. Both brokers are now handling leasing of the property’s remaining 40,000 sf for Bedrosian, who was represented by Jeff Chiate and Alex Perry of Cushman & Wakefield in the recent sale.

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