SAN DIEGO –San Diego-based Heritage Core Value Fund, LP has recently purchased San Marcos Square for $4,250,000.
Matt Hardy and Matt LoPiccolo represented the Costa Mesa-based seller, S&C San Marcos, LLC, for the transaction.
The 19,274-square-foot retail property is comprised of three buildings and sits on 37,897-square-feet of land. The property – located at 156-190 S. Rancho Santa Fe Road in San Marcos – is anchored by US Bank and includes additional tenants such as Rossi’s Pizza, San Marcos Dental, CTP Computers, Crispy’s Donuts, Cole & Associates, and Adobe Lock & Safe.
Prior to the sale, the same family owned San Marcos Square since it’s development in 1975. The new owner plans to improve the exterior facade, design new signage, and implement a signature leasing plan, which focuses on demographics and needs of the community.
“This second acquisition in our Fund is perfectly aligned with our value-add strategy,” said Dan Leon, Director of Acquisitions for the Heritage Core Value Fund. “San Marcos Square is in a great location, has tenants that generate cash flow, and affords the opportunity to renovate and reposition the property to enhance the tenant mix.”
The Heritage Core Value Fund is a discretionary value add Fund managed by the principals of The Heritage Group that focuses on value-add retail and office property in the major metro areas of California.