Rare North San Diego Investment – Attractive 2018 Construction – Built in 2018, the 3,500-square-foot standalone building is leased to Stanton Optical, a national leader in eye care for over a decade. The lease is guaranteed by parent company Vision Precision Holdings, LLC, a national leader in the eye health industry. In less than 10 short years, the Vision Precision Holdings brand has grown from a single location to over 100 locations nationwide and ranks 20th on Vision Monday’s Top 50 U.S. Optical Retailers.
New 15 Year NNN Lease – Corporate Lease with Parent Company Guaranty – Rent Growth – The new 15-year triple-net (NNN) lease commenced in November 2018 and features 10% rent increases every five years in the Primary Term and the (3) 5-year Options. The tenant is responsible for taxes, insurance, maintenance (including roof and structure), and proportionate share of common area expenses, including management fee, capital assets, and capital expenditures amortized over the useful life of the term.
Signalized Hard Corner Intersection (63,000 CPD) – Major Commuter Corridor – Proximity to Interstate 15 & Hwy 78 – The subject property is located at the signalized hard corner intersection of Centre City Pkwy & Mission Avenue, which sees combined traffic counts of 63,000 cars per day. Centre City Pkwy is a major retail/commuter corridor, for travelers to/from Hwy 78 (86,000 CPD), a major east-west artery to coastal cities and beaches, and to Interstate 15 (243,000 CPD), a prominent north-south freeway carrying travelers south to Downtown San Diego and north to Temecula, Riverside and beyond.
Dense Infill Location – Excellent Surrounding Demographics – Central to Shopping Centers, Downtown Escondido Offices – The building is centrally located in a dense retail and residential area, with over 222,000 people within a 5-mile radius with an average household income of nearly $93,000 and median home value of $445,000. The property offers outstanding proximity to nearby downtown Escondido offices as well as several surrounding shopping centers anchored by Lowe’s, Walmart, Smart & Final Extra, Albertsons, and more, providing an outstanding draw to the trade area and excellent retail synergy.
Located in City of Escondido – Strong Regional Economy – Centrally Located Between San Diego & Temecula/Riverside County – The subject property is located within the City of Escondido, a growing community in North San Diego County. Inland North San Diego County, of which Escondido is at the core, is emerging as a regional economic leader in the forefront of job development and new industries. Escondido has a comprehensive mix of successful businesses, supplying a diverse job base and high quality of life. Escondido is located within the 78 Corridor, which has become a hub for innovation.