Shopping Centers : 11-Acre Project Will Be Constructed in Escondido
A 120,000-square-foot shopping center is being planned for 11 acres purchased from various owners for a total of $2.81 million by Gail and Robert J. Lichter of La Jolla as trustees, according to John Burnham & Co., which arranged the transaction in cooperation with Hansen Realty and W.H. Daum & Staff (now known as Business Properties/Daum Co.)
Construction is expected to begin late this year on the center on North Broadway at California 78. Site sellers included Crisell Properties, Lynn Dillard, Pinetree Lumber Co. and Dorothy and David Maddox.
Santee Sites Bought
Burnham Sleepy Hollow Ltd., a San Diego-based publicly held real estate limited partnership, has paid about $7.24 million net for the Santee Village Shopping Center, and Louis M. and Alyce Wax of San Diego have bought the Mission Plaza Shopping Center for $1.3 million. Both properties are in the Santee area of San Diego.
Burnham Investment Group Inc., general partner of Burnham Sleepy Hollow Ltd., reported the first transaction, arranged by John Burnham & Co., and Business Properties Brokerage Co. reported and arranged the second.
Santee Village Shopping Center is a 69,687-square-foot commercial complex on a 9.45-acre site at Mission Gorge Road and Olive Lane, and Mission Plaza Shopping Center is at 9535 Mission Gorge. Santee Partners, a limited partnership, sold Santee Village, and Interstate Thrift & Loan of San Diego sold Mission Plaza.
Oceanside Plaza Sold
The 25-year-old Oceanside Plaza Shopping Center at 2007-2041 Mission Ave., Oceanside, has been sold for $4.9 million, according to Income Property Group Commercial Investment Services, which represented the sellers: Poway Properties Ltd., a California limited partnership with William M. Chance, Ronald J. McElliott and Daniel A. Moriarty as general partners.
Buyers of the 124,196-square-foot, recently remodeled center are Edward and Marian R. Deeb, husband and wife, as joint tenants. They were represented by Deeb West Realty.
Ground Breaking Set
A June ground breaking is planned in San Diego for the first phase of the $20-million Rancho Penasquitos Towne Centre on Black Mountain Road at Paseo Montalban or Salmon River Road.
Wall Street Property Co. of La Jolla will develop the 194,700-square-foot shopping center in two phases with the first 100,000-square-foot, $10-million phase expected to be completed in December. Genstar Southwest Development is the community’s master developer.
Parcel Purchased
Investcal Development Co. of San Diego has purchased the 54,075-square-foot Madison Square Shopping Center on the southwest corner of Interstate 805 and Clairemont Mesa Boulevard for $5 million from Larchmont Associates, according to Investcal Realty.
In a concurrent escrow, Investcal Development (represented by Coldwell Banker Commercial Real Estate Services) exchanged the shopping center to Investcal Realty, Peter Peckham and Dan McKinney for properties at 760-770 13th St., Imperial Beach, and 1010-1018 Grand Ave., Pacific Beach. A cash consideration was also part of the transaction.
Anchors Announced
A Lucky’s Food Center and Longs Drug Store will anchor the $7-million Thousand Oaks Plaza, a 106,000-square-foot shopping center under construction on the northeast corner of Michael Drive and Newbury Road in Thousand Oaks.
Designed by Leidenfrost/Horowitz, AIA of Burbank in a rustic, “town and country” theme, the 9.7-acre project is expected to be completed by AHL Construction Co. of Tustin in mid-June.
Work Planned
Grading is expected to begin late this month with construction due to begin in early May on a $10-million shopping center at Lake Elsinore.
Palmer Development Co. of Anaheim is owner and developer of the 16-acre retail center, which will be built by Bomel Construction Co. of Anaheim on the southwest corner of Interstate 15 and Railroad Canyon Road. John Grist & Associates of Glendale is project architect.
Development Opens
The $7-million Fallbrook Mercantile Center has opened on the southwest corner of Main Avenue and Fallbrook Street in Fallbrook.
Leidenfrost/Horowitz AIA of Burbank designed the 8.5-acre center, developed by Wall Street Property Co. of La Jolla.
Renovation Under Way
Construction has begun on the $5-million renovation of Escondido Village Mall being developed by Rolling Hills Estates-based La Caze Development Co.
McClellan Cruz Gaylord & Associates, architects and planners, designed the 474,000-square-foot project.
Azusa Leases Signed
Two 20-year leases have been signed for the Foothill Center, an Azusa shopping mall undergoing an expansion from 170,000 to 230,000 square feet and renovation, according to J. Allen Radford Co., new owner and developer of the mall.
A lease valued at $4 million was signed by Edwards Theaters, which will build its 30th theater complex in Southern California, and the second lease, valued at $2 million, was signed by Zac’s restaurants. The mall is on the southwest corner of Citrus and Alosta avenues.
