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12/20/19
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In a late-year, SoCal retail buy, Gershman Properties LLC paid $16 mil for San Elijo Hills Town Center, a 23.1k sf ($693/sf) lifestyle center in San Marcos. It was sold by Ambient Communities dba SEH Lifestyle Center LLC.
Built in 2019, San Elijo Hills Town Center is located at 1620, 1628, 1640 and 1646 San Elijo Rd, off Elfin Forest Rd. The center includes such tenants as Starbucks, Cyclebar, Everbowl, Sourdough Bread Company, Tapa Tapa Spanish Restaurant, SETS Kitchen & Bar, and Lourdes Mexican Food.
Since its completion, the town center has become the restaurant destination for the masterplanned community of San Elijo Hills. Its service retailers including Grand Vision Optometry, San Elijo Pediatric Dentistry, and Downtown Academics Tutoring, all provide a much-desired convenient necessity service to surrounding residents as well. Construction of the San Elijo Hills community began in early 2000 to provide a captive, all-encompassing community experience for residents. San Elijo Hills is now home to more than 3,500 dwellings. Its affluence is significant as average household incomes are $145,000 per year while the average home price is $931,000.
Ambient also owns San Elijo Hills Market Walk and is currently developing Phase II. Rob Ippolito, John Jennings and Glenn Rudy with Newmark Knight Frank represented the seller in this transaction.
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