By Lilly Riddle
Commercial Asset Advisors has listed a new property, Escondido Mission Center, on the market for $11.5 million, or $378.63 per square foot, in North County, San Diego. This 4-building complex, located at 309-357 W. Mission Ave. and 765 N. Escondido Blvd., offers investors the first-ever opportunity to acquire fee simple interest in the Center, according to market documents.
Comprising approximately 30,361 rentable square feet, the property features two prominent pad buildings to cater to a diverse tenant and retail mix. According to the CAA listing, the benefits of the location include ample parking, high traffic and exposure to approximately 100,000 cars per day, according to CAA’s website. It is also close to transportation and traffic hubs such as the north end of the 78 freeway and the I-15 interchange.
The property was built in 1980 but renovated in 2022, according to the market listing. It features a foundation of reinforced concrete and 176 parking spaces on a site area of 118,373 square feet. The property description also includes a proposed drive-through plan, which would take up 2,220 square feet and “significantly upgrade cash flow, synergy, credit and long term value.”
The Center features four separate buildings with 21 individual units, all with their own restroom facilities and utility services. The average unit size, according to the listing, is 1,445 square feet, and the building facing West Mission Ave. has been preliminarily designed to allow for a drive-through tenant subject to a conditional use permit process with the City of Escondido.
The Escondido Mission Center is currently 89 percent leased, with both regional and local retail and restaurant tenants including Subway and Wells Fargo. To enhance the property’s appeal, the seller is offering a one-year rent guarantee on two small vacancies. Combined with low in-place rents, balanced lease rollover, and redevelopment potential (including the drive-through opportunity), the property presents significant potential upside for value-oriented investors.
According to the market document, the Escondido submarket is experiencing strong residential growth, which may fuel tenant demand and future rent increases. The Mission Center’s location, parking and tenant mix could make it a compelling long-term investment in the North County, San Diego market. The Center is located in close proximity to a Lowe’s, a Panda Express, a Jack In The Box, a Carl’s Jr., a McDonald’s and a Starbucks.
Mike Conger and Brian Jenkins of Commercial Asset Advisors are leading the marketing efforts for this property.
