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4/09/19
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Here’s news of a five-tenant, 65.7k sf open-air shopping center in Oceanside that was just put on the market. The asset, Best Plaza, includes a new 20-year Jack in the Box ground lease. The asking price is $20.59 mil.
Opened in 1987 and refurbished in 2018, Best Plaza is highly visible from I-5 at the Oceanside Blvd on/off ramp. North County’s largest employer for more than 60 years, Marine Corps Base Camp Pendleton, is five miles north of the property.
Bill Rose and Matt Hardy with Institutional Property Advisors have been awarded the listing by the seller, San Diego-based Pacifica Companies, a privately-owned real estate firm with operations that span the globe.
“This newly refurbished, 100%-leased neighborhood center generates 95% of its income from long-term corporate-backed retailers with average annual revenues of more than $73 bil,” said Rose.
“The tenant mix features two popular daily-needs retailers, Big Lots and CVS,” added Hardy. “Big Lots chose this location to reveal its ‘Store of the Future’ design and be the first store in San Diego to showcase the company’s new prototype.” The center’s high-performing CVS will soon feature a fully entitled drive-thru pick-up facility. The under-construction Jack in the Box complements Chase Bank and Papa John’s Pizza.
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