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4/16/15
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In a recent, newsworthy retail sale from San Diego County, Webb Management & Investments purchased San Marcos Civic Center Plaza, a 60.6k sf, LA Fitness-anchored retail and entertainment center in San Marcos. The property was acquired for $14.35 mil with a $9.7 mil purchase money loan.
Completed in 2008, San Marcos Civic Center Plaza is 97.1-percent leased to anchor LA Fitness, FedEx Kinko’s, Subway, Edward Jones Investments, Robek’s and Ryan Brothers Coffee. At the heart of the plaza is an outdoor courtyard seating area that doubles as an entertainment venue for the community with movies, cartoons and sporting events projected onto a large screen mounted to the exterior of LA Fitness’ building daily from dusk until 10 p.m. The courtyard also includes a stage for musical acts, an outdoor fire pit and water feature.
The plaza spans 5.92 acres at 125-157 North Twin Oaks Valley Rd in central San Marcos, a city 35.6 miles north of San Diego. It is adjacent to the San Marcos Civic Center and City Hall and walking distance to California State University at San Marcos, which has an enrollment of more than 12,000 students.
CJ Osbrink of HFF represented the buyer and Ryan Gallagher with HFF repped the seller, Saber SMCCP LLC. HFF also originally represented the seller and buyer when Saber SMCCP, LLC acquired the property in 2012.
Greg Brown and Don Curtis, also with HFF, secured the 10-year, fixed-rate loan on behalf of the new owner. HFF will service the securitized loan.
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