Aging Escondido Retail Site with 12 Suites Sells for $1.65 Million

Escondido Commons, a 8,388-square-foot retail property in Escondido, has been sold for $1.65 million, a brokerage announced.

“The seller was retiring from property management, and the seller’s family trust is taking advantage of growth in market by selling their entire portfolio of properties on the same block,” said Nick Totah, senior vice president investments for the Totah Group of Marcus & Millichap’s San Diego Del Mar office.

After one week of being on the market, the seller, Garry Hanafin with the Hanafin Family Trust, received one full price offer.

Totah represented Hanafin. The purchaser, Bobby Hrdina of STNC Properties LLC, also was procured by Totah.

“The buyer plans to revitalize the property with various exterior and interior renovations, renew or sign new leases and stabilize the asset,” Totah said.

Escondido Commons, located at 145-49 South Orange Street and 412-20 West 2nd Avenue, was built in 1959, 1965, and 1972 by a developer who worked with the seller’s father.

The property features 12 retail suites across three adjacent buildings and two parking lots in the rear for all tenants. At closing, it was fully leased by nine tenants.

According to the firm. downtown Escondido is experiencing rapid growth, which includes changing demographics as a high growth sub-market with significant re-development projects.

Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services.