By Lilly Riddle
In the heart of Oceanside, a retail center known as Loma Alta Station has hit the market with an offering price of $12.4 million, or about $356 per square foot. Located at 1401 El Camino Real, Loma Alta Station presents a potentially compelling opportunity for investors to capitalize on the growth of a retail center in a central location. The combination of a diverse tenant mix, high visibility and proximity to a development project makes this property a unique addition to any investment portfolio, according to an offering brochure from CBRE. It is currently owned by RJ Realty Investors, a firm based in Aliso Viejo, public property records show.
Loma Alta Station has a total building area of approximately 34,942 square feet, housing a variety of businesses. The center is currently 90 percent leased, with a tenant mix that includes restaurants, service providers, healthcare facilities and retailers offering a range of goods. Tenants include the Motorcycle Gallery used car dealer; PeopleReady, a temp agency; and Mariscos Ensanada, a Mexican food restaurant.
The center’s location is also a potential draw for investors. Situated at the intersection of two major thoroughfares, Oceanside Boulevard and El Camino Real, Loma Alta Station benefits from both high visibility and accessibility, with a combined daily traffic count of more than 66,900 vehicles. The center is also less than two miles from Interstate 5, a freeway that connects Oceanside to the rest of Southern California.
Loma Alta Station is also positioned in proximity to the El Corazon master plan. This development project is transforming the surrounding area into a mixed-use community, complete with a sports complex, an arena, an aquatics center, residential units and additional retail space. This growth is expected to drive more foot traffic and demand to Loma Alta Station, further increasing its value as an investment.
The property also has high income growth potential, according to the brochure. Due to scheduled rental increases and below-market rents, the in-place net operating income is projected to increase by approximately $394,000, or 49 percent, over the hold period, representing a compound annual growth rate of 4 percent. This growth trajectory makes Loma Alta Station a prospect for those seeking a profitable investment.
Philip D. Vorhees, Preston Fetrow and Erin Smith are leading the marketing efforts for this property.
