ADF Gateway LP of Rancho Santa Fe has purchased the Gateway Center retail property in Escondido for approximately $24.83 million, according to real estate services firm Faris Lee Investments.
The seller of the 89,625-square-foot property, at 810-860 W. Valley Pkwy., was a partnership led by San Diego-based GDA Real Estate Services.
The retail center was built on 7.1 acres in 2003 and was 95 percent occupied at the time of sale, with tenants including Michaels, Barnes & Noble, Fantastic Sam’s, Firehouse Subs, Dickies, and H&R Block.
The buyer was represented by Faris Lee Investments’ Gene Ventura and Jeff Conover, and the seller was represented by the firm’s Rick Chichester, Donald MacLellan and Tom Chichester.
The buying entity is a limited partnership with Darryl Flaming and Art Flaming as its general partners.