The 105,618-square-foot retail property, at 1050 Los Vallecitos Blvd. in San Marcos 92069, has been sold for $9.8 million.
The buyer was Southwestern Furniture of Wisconsin LLC, dba Ashley Furniture, One Ashley Way, Arcadia, WI 546512. Michael Jedlowski is president of Southwestern Furniture.
The acquisition was financed with a loan of $9.8 million from Ashley Furniture Industries.
The sellers of the property (assessor's parcel 219-163-33) Alvin F. Mayo, trustee of the Mayo Family Trust, and Los Vallecitos Investors LLC, a California limited liability company, with Philip D. DeCarion as the managing member.
John Orlando and Mark Avilla, of Cassidy Turley, represented both parties in the transaction.
Early last year, the approximately 108,000-square-foot manufacturing building at 7770 Miramar Road in San Diego 92126, was sold for $5.67 million to 7770 Miramar Road LLC, with Southwestern Furniture as the sole member. Ashley Furniture provided a $5.67 million loan.
In early 2004, Southwestern Furniture leased 54,400 square feet of industrial warehouse space in the Rancho Bernardo Distribution Center at 11045 Technology, for 36 months at $905,760, triple net.
In mid-2003, Southwestern Furniture signed a 10-year, approximately $10 million lease for 40,198 square feet of showroom space on the first two floors of the San Diego Design Center in the Metroplex at 7310 Miramar Road, San Diego.