Mercado is a recently repositioned 97,000 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 DD’s Discount (Ross), Grocery Outlet, AutoZone and Western Dental.

• Acquired a 96,606 SF grocery-anchored shopping center in San Marcos, California, for $19.25M ($200/SF) and 7.00% cap rate in September 2019
• National credit tenant roster including DD’s Discounts (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. Upgrades include refreshed branding, new signage, enhanced landscaping, parking lot repairs and an outdoor dining area
• Despite the challenges to the overall retail sector created by COVID-19, executed two new accretive leases with fast-casual restaurants during the pandemic and have since executed renewals with DD’s Discounts, Grocery Outlet and AutoZone (% of total GLA)
• Executed two 10-year lease agreements in 2023 to fill several long-standing vacancies, bringing the property to 99% leased as of Q1 2024 and resulting in net operating income (NOI) growth of 23% in less than 5 years after acquisition