Brixton Capital, a vertically integrated operator of retail and multifamily properties, acquired the Escondido Gateway shopping center from Del Mar-based Mountain Pacific Properties for $28 million in an off-market transaction. Acquired at a significant discount to replacement cost, the 89,252-square-foot center is 96.8% occupied.
Located at 810-840 W. Valley Pkwy., Escondido Gateway joins Brixton’s other San Diego County retail portfolio assets, including Santee Town Center, Civic Center Plaza, Polo Plaza and Del Mar Plaza. Built in 2003, the property requires minimal capital investment. Instead, Brixton will focus on leasing the two vacant suites.
“Escondido has long been on our radar, and as a team headquartered in Solana Beach, this truly is our backyard,” said Brixton Capital president and CIO Rob Taylor. “We are proud to invest in this community and look forward to being a long-term partner to the tenants and residents that call Escondido home.”
Phil Lyons and Vince Provenzano of Cushman & Wakefield represented the seller. Brixton represented itself.
The post Brixton Capital Adds Escondido Shopping Center in Off-Market Deal appeared first on Connect CRE.
