1002-1068 MISSION AVE & 306-326 N. HORNE ST, OCEANSIDE, CA
STABILIZED PURCHASE. INTERIOR AND EXTERIOR IMPROVEMENTS. DEVELOPMENT POTENTIAL BASED ON ZONING.
Mission Square Shopping Center is a coastal retail center of approximately 162,950 rentable square feet situated on 11.67 acres west of I-5 in Oceanside. Anchored by Walmart Neighborhood Market, 99 Cents Only Store, and AutoZone, Mission Square is the only grocery-anchored shopping center west of I-5 in this market. With other credit tenants, including Chase, Panda Express, El Pollo Loco, Wendy’s, Harbor Freight Tools, and Subway, Mission Square was approximately 99% leased upon acquisition with well below market rents. The rapid and ongoing transformation of downtown Oceanside will lend itself friendly to the property as the area becomes more highly-trafficked than upon acquisition.
Acquired in August 2019 with financing, Mission Square Shopping Center was purchased with the premise that the excellent location of the property lends itself to substantial transformation and redevelopment potential in the future. Situated adjacent to the freeway at the main entry point to Downtown Oceanside, Mission Square has prominent visibility from Mission Avenue with anticipated zoning changes to allow for various uses and mixed-use projects. The existing leases (with multiple tenant extension options) push the horizon for substantial redevelopment into the future; however, substantial improvements to the property facade and landscaping have enhanced the current image of the center with more to come in the near future.
This Class B Office building was approximately 96% leased when acquired and represented an opportunity to improve the quality of an already stabilized asset.
The Borders Building is located in San Diego’s Gaslamp District, one of San Diego’s ultimate tourist and urban destinations.
This high quality Office and R&D complex features considerable stability as 54% of the rentable area has housed the same group of tenants for over 15 years.