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 Dollar Tree, 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 Dollar Tree, 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, including refreshed branding, new signage, enhanced landscaping, parking lot repairs and an outdoor dining area
• Secured tenancy for 10+ years with nationally recognized discount retailer for anchor space and have also executed lease renewals with Grocery Outlet, San Marcos Veterinary Hospital, Western Dental, Los Cabos Mexican Restaurant and Paloma de Paris Hair Salon (51% of total GLA)
• Executed two 10-year lease agreements in past 24 months to fill several longstanding vacancies, bringing the property to 99% leased and resulting in net operating income (NOI) growth of 23% in less than 5 years after acquisition