Fallbrook Mercantile Center Gets Low Interest Rate Financing

Financing to the tune of $10 million was recently arranged for the purchase of Fallbrook Mercantile Center, an outdoor retail center in North San Diego County. CBRE’s Shaun Moothart and Ryan Nearon arranged the 10-year 2.96 percent fixed-rate loan on behalf of the buyer, Victoria Foyt, a high-net-worth real estate investor, and former author and actress.

The 70,411 square-foot property located at 713, 825, 833, & 835-855 S. Main Ave. in Fallbrook has extensive street frontage along Mission Road, Main Avenue and Fallbrook Street. The center is grocery anchored by Major Market, which has operated at the site since 1989. The center has strong historical occupancy with 14 tenants occupying 78 percent of the property for 11 years or longer.

“The interest rate is particularly low for a retail property,” said Moothart. “Even larger centers filled with credit tenants have seen rates closer in the mid-3 percent range. It speaks to the increasing demand for well-located stable retail centers such as Fallbrook. Lenders are starting to offer very competitive terms for these types of highly functioning properties.”