Deal of the Week

 

September 16, 2014

September 23, 2014


Palomar Place sold

The Deal of the Week was the sale of the new 15,317-square-foot Palomar Place shopping center at 961 and 965 Palomar Airport Road, Carlsbad, for $15 million.

The buyer was HRA Palomar Place LP, c/o Hannay Investment Properties Inc., of Phoenix, with R. Craig Hanney as the president.

Forethought Life Insurance Co. provided a 3.54 percent, seven-year fixed-rate loan of $7.5 million, arranged by HFF (Holliday Fenoglio Fowler L.P.), which is owned by HFF Inc. (NYSE: HF). Pat Berger, of HFF's San Diego office, participated in the placement.

The seller of the property was San Diego-based MERI Palomar Place LLC, with Mission Equities Real Estate Inc. as the manager. Nicholas Foussianes is president of Mission Equities.

The two-building shopping center was constructed in 2013 on 1.75 acres and is fully leased.

Palomar Place replaced a Pat & Oscar's Restaurant on the southwest corner of Palomar Airport Road and Armada Drive in the Costco-anchored center.

In fall 2013, Burger Lounge III LLC leased 2,073 square feet for 10 years at $1,136,523, and MV Kakery LLC, dba Nothing Bundt Cakes Bakery, leased 1,761 square feet for 10 years at $929,169.

MERI was represented in both transactions by Travis Farrell, of Flocke & Avoyer Commercial Real Estate.


 

September 16, 2014

September 23, 2014