The approximately 37,803-square-foot Vista Palomar Park neighborhood shopping center at 3211-3245 and 3265-3281 Business Park Drive in Vista 92081, has been sold for $6.1 million.
The transaction did not involve the 7-Eleven outlet at 3251 Business Park, which is owned by parent Southland Corp.
The buyer was Norco Real Estate Investment LLC, a California limited liability company, 11790 Jersey Blvd., Rancho Cucamonga 91730.
The managing members of Norco are David Wu and the Powen Lu Trust. Powen Lu serves as trustee of the trust.
The acquisition was financed with a loan of $4.5 million from Pacific Commerce Bank.
The seller of the property (assessor's parcels 221-661-35, 36, 38 through 41 and 46) was 3211-3281 Business Park Drive Holdings LLC. The seller consists of two parties.
One is U.S. Bank as trustee, successor-in-interest to Bank of America (NYSE: BAC), at trustee, successor to Wells Fargo Bank, as trustee for the registered holders of GS Mortgage Securities Corp. II, commercial mortgage pass-through certificates, Series 2007-GG10 (the "Trust"), its sole member/manager.
The other is CW Capital Asset Management LLC, solely in its capacity as special servicer to the Trust, 7501 Wisconsin Ave., Suite 500, West Bethesda, Md. 20814.
The Art Deco-style center was constructed in 1999 on a 6.71-acre corner lot at Palomar Airport Road. The center is at a site where north San Diego County cities Carlsbad, Vista and San Marcos meet.
Occupants in the center include a 2,636-square-foot Jack in the Box Family Restaurant at 3281, a 2,152-square-foot Taco Bell at 3271 and approximately 27,575 square feet of shops and services.