Newmark announces the $13.25 million sale of Escondido Town & Country, a 70,020-square-foot neighborhood shopping center located at 1625 to 1665 East Valley Parkway in Escondido, CA.
Newmark’s Senior Managing Directors Rob Ippolito, Glenn Rudy and John Jennings, and Vice Chairman Pete Bethea represented the seller, GFC Glendale Associates, LLC. JH Real Estate Partners was the buyer and self-represented.
Built in 1973, the two-building asset is situated on just under eight acres. The center is occupied by Ross Dress for Less, Big Lots, among other local and regional tenants.
“This property is well-located along one of the busiest thoroughfares in east Escondido,” said Ippolito. “Our team achieved market pricing over a short timeframe of 21 days in the midst of volatile capital markets.”
Escondido Town & Country is within a densely populated north San Diego County area with more than 185,092 residents in a 5-mile radius and an average daytime population of 74,297.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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