Lowe’s-Anchored Escondido Retail Fetches $29M

Marcus & Millichap closed the sale of a 179,514-square-foot Lowe’s-anchored shopping center in Escondido. The property sold for $28.5 million.

“We marketed this asset to a large pool of investors and sourced multiple offers from institutions and family offices on the West Coast, New York and Florida,” said Ron Duong, senior managing director investments in Marcus & Millichap’s Orange County office. “The buyer paid all cash and completed due diligence within 30 days.”

Duong and Joe Berkson, senior managing director investments, represented the seller, a private investor. Duong, Berkson and Adam Attia, first VP investments, represented the buyer.

The sale includes a separately parceled Panda Express with a drive-thru and fee simple ownership of a three-tenant retail building anchored by San Diego Gas and Electric. The center is located at the junction of California State Route 78 and Interstate 15, which sees more than 240,000 vehicles per day.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.