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SAN DIEGO NEWS
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Escondido Retail Center Trades for $28.5 Mil

8/25/23

A 179.5k sf, Lowe’s-anchored shopping center in Escondido sold for $28.5 mil ($159/sf). The sale includes a separately parceled Panda Express with a drive-thru and fee simple ownership of a three-tenant retail building anchored by San Diego Gas and Electric.

The center is located at the junction of California SR 78 and I-15, which sees over 240,000 vehicles per day. Attractions nearby include Escondido Promenade, Westfield North County Mall, and San Diego Safari Park. Average annual household income within a five-mile radius is over $100,000.

Ron Duong and Joe Berkson with Marcus & Millichap represented the seller, a private investor. Duong, Berkson, and Adam Attia, also with M&M, repped the buyer, who paid all-cash.

“The Lowe’s and Panda Express ground leases comprise 95% of the center’s gross leasable area, providing the new owner with a largely passive ownership position,” noted Duong. “There have been few comparable open-market Lowe’s-anchored center acquisitions in the past five years, underscoring the rarity of this opportunity.”





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