Oceanside CA— Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced on Friday it has been exclusively retained to offer for sale Best Plaza, a five-tenant, 65,735-square-foot open-air shopping center in Oceanside, California that includes a new 20-year Jack in the Box ground lease. The price is $20,588,000.
“This newly refurbished, 100-percent-leased neighborhood center generates 95 percent of its income from long-term corporate-backed retailers with average annual revenues of more than $73 billion,” said Bill Rose, senior managing director investments.
“Oceanside is San Diego County’s fastest-growing submarket and there are approximately 200,000 residents within five miles of Best Plaza.”
Rose and Matt Hardy, associate, are representing the seller, San Diego-based Pacifica Companies, a privately-owned real estate firm with operations that span the globe.
“The tenant mix features two popular daily-needs retailers, Big Lots and CVS,” added Hardy. “Big Lots chose this location to reveal its ‘Store of the Future’ design and be the first store in San Diego to showcase the company’s new prototype.” The center’s high-performing CVS will soon feature a fully entitled drive-thru pick-up facility. The under-construction Jack in the Box complements Chase Bank and Papa John’s Pizza.
Opened in 1987 and refurbished in 2018, Best Plaza is highly visible from the San Diego Freeway—Interstate 5—at the Oceanside Boulevard on/off ramp. North County’s largest employer for more than 60 years, Marine Corps Base Camp Pendleton, is five miles north of the property.
About Institutional Property Advisors (IPA)
With a network of senior-level investment advisors located throughout the United States and Canada, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios. www.institutionalpropertyadvisors.com.