A 122,599 square-foot shopping center in Oceanside has been placed on the market, providing potential buyers with the opportunity to acquire a multi-tenant retail asset with long term occupants. The property is being listed by Westpac Partners and Highland Partners Corporation, with an asking price of $36.8 million, or approximately $300 per square foot.
The shopping center, Oceanside Plaza, is located at 2007 Mission Avenue on more than 10 acres of land. The property was built in 1970 and last traded hands in 2013 when it was bought by Heslin Holdings for $11.25 million.
The property is occupied by a variety of long term tenants, including Dollar Tree, KFC, Advanced Auto Parts, Pep Boys, UEI College, Viva Supermarket, Rent A Center and Children’s Paradise.
At 95 percent occupied, the property offers a net operating income of $2.2 million. However, the offering memorandum shows that several short term leases could allow the net operating income to grow by 20 percent.
“The center is anchored by Internet/recession resistant and ‘essential’ tenants that offer daily needs to the North San Diego community – UEI College, Viva Market, Pep Boys, Dollar Tree, and Children’s Paradise Day Care Center. This tenant roster generates significant daily-trip traffic and cross-shopping opportunities within the center,” Heslin Holding states on its website.
The property is located in the heart of Oceanside, a 42 square-mile community in North San Diego County. Just 20 miles from downtown San Diego, Oceanside has a population of more than 175,000 people. The city is also home to Camp Pendleton, the world’s largest U.S. Marine Corps amphibious training base, which spans 125,000 acres. Additionally, Interstate 5 runs through Oceanside, providing easy access to the rest of San Diego County and other regions of Southern California.
Neither Westpac Partners nor Highland Partners responded in time to comment on this story.
