Faris Lee Investments completed the $24.8-million sale of Gateway Center, an 89,625-square-foot retail center in Escondido, CA. The seller was a partnership led by GDA Real Estate Services, while the buyer was a private San Diego County-based investor. The transaction closed at a cap rate of 6.5%.
The 95%-leased property was built in 2003, and situated on 7.1 acres at 810-860 W. Valley Pkwy. Anchor tenants include Michaels and Barnes & Noble.
Faris Lee’s Rick Chichester, Donald MacLellan, Patrick Toomey and Tom Chichester represented the seller. Faris Lee’s Gene Ventura and Jeff Conover represented the buyer.
Faris Lee’s Rick Chichester says the strategy of securing early lease renewals with anchor tenants helped “maximize buyer interest and value,” as well as being “instrumental in further stabilizing the center, generating multiple offers, and ultimately facilitating the sale and its financing in a relatively compressed timeframe.”