POWAY – The Heritage Group recently purchased Old Poway Village, located at 14005-14055 Midland Road, from Old Poway Village, LLC for $6.9 million.
Both parties were represented by Mark Hoekstra and Rocco Cortese, managing directors at The Heritage Group. This is the first property purchased under the real estate company’s new Heritage Core Value Fund.
“This acquisition fits well within our Fund strategy to acquire specialty retail.” Cortese said. “We’ve done some leasing in the past few months and the momentum at the property is strong.
The Heritage Group has been leasing and managing the 27,453-square-foot, multi-tenant retail and office space for the past year. During the past four months, they have signed four new leases, consisting of approximately 3,434-square feet, completing each deal at or above their pro-forma estimate.
The same day the real estate company took ownership of the property, they also closed a deal with San Diego Music Academy for an 812-square-foot space at the center, bringing occupancy to 87 percent and putting Heritage well ahead of their predicted stabilization for the property.
The Heritage Group plans to continue to add diversity to the current services available to the Poway community by enhancing the list of tenants. Significant capital will be invested into renovating current vacancies to attract trending and innovative businesses.
Located next to Poway’s daylong Saturday Farmers Markets, and across the street from Old Poway Park – which hosts more than 50 weddings and 20 community events annually – Old Poway Village has the unique opportunity to tap into multitudes of bustling crowds that attend the events.
“Our enhancement plans will retain the charm of the center, while adding new businesses that can take advantage of the unique location and design of Old Poway Village,” said Hoekstra.
The team recently brought in the popular frozen yogurt shop, Golden Spoon, to the center. Additional new tenants include: Amor’s Goodies, Oceans Retreat Nail Spa and Attorney’s Funding. Other tenants include: Wholly Crepes, Poway Pilates, Tour of Elegance Bridal, JoJo’s Hair Salon, Poway Chamber of Commerce, Pomerado News, Keely Boutique, Lisa A. Davidson, Old Poway Market, Countryside Barn, and San Diego Pond & Garden.
The Heritage Group is looking for tenants to help provide a well-rounded and robust hospitality, retail and service destination. The company is also looking to bring a local brew pub and wine bistro to the center early next year. Renderings and a video of the vision to house the pub and bistro are available on Heritage’s website.