Lee & Associates is pleased to exclusively offer for sale, the fee simple interest (land & building) in a retail property located in Escondido, California (the “Property”). This is a rare opportunity to acquire a net leased asset within San Diego’s highly desirable North San Diego market. Built in 2018, the Property consists of a 3,500-square-foot retail building that sits on an approximately 0.458-acre parcel.
The building is leased to Stanton Optical on a corporate lease, a national leader in eye care for over a decade. The lease provides for a separate guaranty from parent company Vision Precision Holdings, LLC, a national leader in the eye health industry by developing an accessible alternative to over-priced eye care services. In less than 10 short years, the Vision Precision Holdings brand has grown from a single location to over 100 locations nationwide and ranks 20th on Vision Monday’s Top 50 U.S. Optical Retailers.
The new 15-year triple-net (NNN) lease commenced in November 2018 and features 10% rent increases every five years in the Primary Term and the (3) 5-year Options. The lease offers an investor limited responsibility, as the tenant is responsible for taxes, insurance, maintenance (including roof and structure), and proportionate share of common area expenses, including management fee, capital assets, and capital expenditures amortized over the useful life of the term.
The subject property is located on the signalized hard corner intersection of Centre City Pkwy & Mission Avenue, which sees combined traffic counts of 63,000 cars per day. Centre City Pkwy is a major retail/commuter corridor, with national tenants such as Lowe’s, Harbor Freight & Tools, Bank of America, PetSmart, Smart & Final Extra, Regal Cinemas, 99 Cents Only, Goodwill, and many more.
Additionally, this corridor is a major commuter corridor for travelers to/from Hwy 78 (86,000 CPD), a major east-west artery to coastal cities and beaches, and to Interstate 15 (243,000 CPD), a prominent north-south freeway carrying travelers south to Downtown San Diego and north to Temecula, Riverside and beyond.
The center is centrally located in a dense retail and residential area, with over 222,000 people within a 5-mile radius with an average household income of nearly $93,000 and median home value of $445,000. The property offers outstanding proximity to nearby downtown Escondido offices as well as several surrounding shopping centers anchored by Lowe’s, Walmart, Smart & Final Extra, Albertsons, and more, providing an outstanding draw to the trade area and excellent retail synergy.
The subject property is located within the City of Escondido, a growing community in North San Diego County. Known as the ‘heart of North San Diego County’, Escondido is just 30 miles northeast of downtown San Diego and 20 minutes from the beach. Escondido is a diverse, vibrant community, and more and more people are making Escondido their “City of Choice.” As the self-proclaimed “heart” of San Diego North, it is one of the few remaining communities where people of all income levels can enjoy the Southern California lifestyle. The city offers attractive homes in a wide range of prices, two lakes, several parks, a sports center, golf courses, restaurants, wineries, shopping centers, comprehensive healthcare and the nearby San Diego Zoo Safari Park.
Inland North San Diego County, of which Escondido is at the core, is emerging as a regional economic leader in the forefront of job development and new industries. Escondido has a comprehensive mix of successful businesses, supplying a diverse job base and high quality of life. Escondido is located within the 78 Corridor, which has become a hub for innovation.