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Country Corner Commands Nearly $9M

ESCONDIDO, CA-Tenant-in-common specialist Passco sells the 106,000-sf Country Corner Shopping Center to a 1031 exchange buyer for $8.8 million after acquiring the property in 2000.

By Amanda Paxson | Updated on May 12, 2005

ESCONDIDO, CA-Passco Real Estate Enterprises Inc. has sold Country Corner Shopping Center to a locally based private investor for $8.8 million, approximately four and a half years after acquiring the 106,389 sf retail center. Passco, a tenant-in-common specialist, reports that the neighborhood center at 601-675 N. Broadway was 99% leased at the time of the sale.

Passco’s William H. Winn, president of the firm, tells GlobeSt.com that the company remains both a buyer and a seller of properties throughout the western US, including Arizona, Kansas, Nevada and Texas, and would like to do more business in Southern California. But the tight market presents a challenge, according to the Passco president.

“We are trying to buy in Southern California all the time, but the prices are much higher,” Winn tells Globest.com. “It’s harder to find Southern California opportunities that meet our investors’ yield requirements.” Passco acquired the Country Corner in June 2000 via a tenant-in-common transaction. The property is effectively full, with only one vacancy, a 1,200-sf space.

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