Mercado San Marcos is a recently repositioned 96,000 square foot essential needs grocery and discount shopping center located in San Marcos, a submarket of San Diego County which includes national credit tenant roster of 99cent Only, dd’s Discount (Ross), Grocery Outlet, AutoZone and Western Dental.
- Acquired 96,606 SF grocery anchored shopping center in San Marcos, CA
- Purchased for $19.25M ($200/SF) and 7.00% cap rate in September 2019
- National credit tenant roster including 99cent Only, dd’s Discount (Ross), Grocery Outlet, AutoZone and Western Dental.
- Completed compelling value-add plan to enhance the appearance of the center to attract and retain tenants, and improve the customer experience. Improvements included new branding, signage, landscaping, parking lot and outdoor dining area.
- Despite the challenges to the overall retail sector created by COVID-19, executed two new accretive leases with fast-casual restaurants to increase occupancy from 91.5% to 94.7% as of December 31, 2021.