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Dallas Firm Makes Escondido Buy

ESCONDIDO, CA-Sarofim Realty Advisers acquires Felicita Town Centre for $26.5 million.

By Daniel D. Williams | Updated on October 25, 2004

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ESCONDIDO, CA–In another example of the bullish attitude investors have toward the San Diego region’s retail market, Dallas-based Sarofim Realty Advisors has made a major buy into the area with a $26.5-million acquisition of Felicita Town Centre. A 126,502-sf retail center in the city, Felicita Town Centre is 98% occupied and anchored by a Trader Joe’s. Other retail tenants include: Rite Aid, Blockbuster and Escondido Golf.”This is another example of the strong institutional investment interest in San Diego County retail properties,” says Pete Bethea, a senior vice president with Burnham Real Estate International. “Low 2.2% vacancy, coupled with steadily increasing rents and new construction to meet growing consumer demand, makes San Diego one of the nation’s hottest retail investment markets.”According to Bethea, investment activity picked up in 2003, a year in which investors “pumped nearly $693 million into 36 shopping center transactions valued at $5 million or more.” That volume of activity gave San Diego County a ranking as the third most active retail investment market in the Western US.Bethea represented Sarofim Realty Advisors as well as the seller, GMS Realty of Carlsbad, in the deal. Bethea, along with Burnham Real Estate’s Rob Ippolito and Aaron Hill, will manage further leasing of Felicita Town Centre. Located at 1805-1895 Centre City Parkway, the center was built in 1990 and features Mediterranean style architecture.Founded in 1982 as a wholly owned subsidiary of Fayez Sarofim & Co., Sarofim Realty Advisors manages real estate investments on behalf of institutional clients and counts more than $2 billion of assets under management.

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