May
10
Escondido Retail Center Changes Hands for $25M
ByFaris Lee Investments has arranged the sale of Gateway Center, an 89,625-square-foot property that was 95 percent leased at the time of the transaction.
Faris Lee Investments has arranged the $24.8 million sale of Gateway Center, an 89,625-square-foot retail center in Escondido, Calif. The company represented both the seller, a partnership led by GDA Real Estate Services, and the buyer, a San Diego County-based private investor. The transaction closed at a 6.5 percent cap rate.
“The seller felt it was an ideal time in the property’s investment cycle to exit the asset and achieve its return objectives,” said Faris Lee Investments’ Rick Chichester in prepared remarks…
Escondido Retail Center Changes Hands for $25M
