The 95,194-square-foot retail building at 650 Sycamore Ave. in Vista has been sold for a total consideration of $8 million.
The buyer was M&A Gabaee, c/o Land Services USA Inc., 10 N. Church St., Suite 307, West Chester, PA 19380. Sancam Inc. is the general partner of M&A, and Mark Gabay is president of Sancam. The acquisition was financed with a loan of $6.3 million from Wells Fargo Bank.
The seller of the property (assessor's parcel 217-023-36) Vista Associates, with Ronald Reichman as general partner. Moser, of the CBRE (NYSE: CBG) San Diego office, represented the seller. Ron Graves, of Coldwell Banker Commercial, represented the buyer.
According to Moser, the Los Angeles-based buyer acquired the property for a long-term hold.
At the time of sale, the building was 92 percent leased to Burlington Coat Factory (84,084 square feet) and Shadowridge Veterinary (3,434 square feet). Both tenants' leases expire in January 2021. The building also has approximately 7,576 square feet of storage space available for lease.
“The building's tenants have long lease agreements and the community’s demographics are very appealing for investors looking for secure, passive investments,” Moser said. At the end 2012's third quarter, the Vista retail market recorded an overall vacancy rate of 11.5 percent, slightly higher than the San Diego County overall vacancy rate of 7.2 percent.