The 80-unit Quality Inn motel at 1403 Mission Ave., Oceanside 92058, and an adjacent, free-standing restaurant property at 1401 Mission have been sold for $5.65 million.
The buyer was Oceanic Mission Valley LP, a California limited partnership, 7942 Entrada Lazanja, San Diego 92127. OCNIC Mission Valley LLC, a California limited partnership, is the general partner of Oceanic and Manoj Chawla is the managing member of OCNIC.
The acquisition was financed with loans of $2,875,000 and $1,976,975 from Western Alliance Bank. The seller of the property (assessor's parcel 148-340-30) was S.Q.I. Inc., with Najib T. Mansour president.
The approximately 27,200-square-foot motel was constructed in 1974 on a 2.16-acre lot. In 2007 the property went through a major renovation to the public spaces, including an expanded lobby, breakfast room, business center, public restroom and exercise room. The renovation also included new pool deck and parking lot.
The property was sold in August 2004 for $4.6 million with financing of $3.1 million from Southwest Community Bank.