San Diego commercial real estate investment firm announces plans to enhance the 96,000 square-foot shopping center in San Marcos, Calif.
(San Diego, Calif.) October 1, 2019 – San Diego-based commercial real estate investment firm SENTRE announces the $19.25 million acquisition of San Marcos Village, a 96,606 square-foot shopping center at the highly visible intersection of Highway 78 and Rancho Santa Fe Road in San Marcos, Calif. Scott Peterson, Bill Chiles, Brian Cruz and Morgon Fraser of CBRE’s San Diego Debt & Structured Finance team arranged an $11.64M seven-year fixed rate loan through a regional bank on behalf of the borrower. Phil Voorhees, Kirk Brummer, Preston Fetrow and Eric Shain with CBRE’s NRP-West Team brokered the transaction and represented the seller. SENTRE represented itself.
This multi-tenant North County shopping location is anchored by San Marcos’ only Grocery Outlet Bargain Market and is home to additional tenants including dd’s Discounts, 99 Cents Only, Boost Mobile, Auto Zone and Western Dental. Serving a population of 95,000 within a three-mile radius, San Marcos Village offers seven access points to a daily traffic count of 42,000 cars.
SENTRE will renovate the property in response to its location within a desirable San Diego suburb experiencing continued growth. Taking place over the course of three years, plans include aesthetic property and storefront enhancements, improved path of travel into the center via landscaping and signage, re-paving the parking lot, and an overall rebrand of the property to improve customer experience.
“We are excited about the opportunity to acquire and reposition San Marcos Village, which sits at one of the gateways to the fast growing San Marcos market,” said Doug Arthur, President and CEO of SENTRE. “We look forward to creating an enhanced customer and retailer experience in support of the local community.”