Gateway Center, an 89.6k sf retail center in Escondido, traded hands in a recent $24.83 mil ($277/sf) transaction. The property is 95% occupied with anchor tenants, Michaels and Barnes & Noble, as well as a mix of other national and regional brands including Fantastic Sam’s, Firehouse Subs, Dickies, and H&R Block.
Built in 2003 and situated on 7.1 acres at 810-860 W. Valley Pkwy, Gateway Center is located at a highly trafficked intersection near I-15, which sees nearly 200,000 cars per day. It is also surrounded by an affluent area of San Diego County.
Rick Chichester, Donald MacLellan, Patrick Toomey and Tom Chichester of Faris Lee Investments represented the seller, a partnership led by GDA Real Estate Services. Gene Ventura and Jeff Conover of Faris Lee investments repped the buyer, a private investor from San Diego County. The transaction closed at a cap rate of 6.5 percent.
Gateway Center is well-positioned within the area’s main retail hub, with nearby industry leading retailers including Target, Home Depot, Ross, Albertsons, TJ Maxx, and Dick’s Sporting Goods, to name a few. The asset is also located adjacent to the Escondido Transit Center, which transports over 1.6 million passengers annually.