The buyer plans to convert the property to commercial condominiums with units ranging from 400 to 38,000 square feet
San Marcos CA— CBRE has arranged the $16.3 million sale of San Marcos Plaza, a 160,000-square-foot flex property in San Marcos, California.
CBRE’s Phillip Linton represented the buyer, Moreno Valley F1 Owner, LLC, an affiliate of Vertical Ventures, LLC., in the off-market transaction. The seller was San Marcos Plaza/JVP, LLC.
Located 330-340 Rancheros Drive, San Marcos Plaza is a multi-tenant flex, industrial, office, and showroom park. The buyer will convert the property into commercial condominiums for sale to small businesses, with units ranging in size from 400 to 38,000 square feet.
CBRE’s Phillip Linton and Blake Wilson have been retained to market the units for sale. CBRE Project Management has been retained to perform renovations and upgrades to the two-building project.
“The demand for commercial condominiums is soaring, and new supply is prohibitively expensive to develop. This project will create needed opportunities for local businesses to own their facilities,” said CBRE’s Linton. “Our experience with over 25 commercial condominium projects allowed us to identify San Marcos Plaza as an ideal property for our client to convert and sell in the strong North County market.”
San Marcos Plaza is centrally located in North San Diego County. The property offers signage rights and freeway frontage along SR 78, and is within walking distance to various restaurant and retail amenities and a Sprinter commuter rail station.