The city of Vista has contracted with the North County office of Lee & Associates to sell 20 municipally owned properties, and lease 14,500 square feet in the Vista Civic Center complex.
Rusty Williams, Isaac Little and Marko Dragovic, all principals with Lee’s North San Diego office, along with Chris Roth, an associate in the same office, will handle what is being billed as a $10 million property portfolio.
Lee & Associates won the right to represent the portfolio after a request for proposal process that also included Cassidy Turley, CBRE, The Doré Group and Tierra West Advisors bidding on the contract.
Twenty of the 21 properties are for sale, and consist of six retail/office buildings and 14 land parcels. Some of the most notable properties on the market include a range of mixed-use development sites, commercial land, residential development opportunities and existing retail and office buildings.
“It is an honor to have been selected by the city of Vista to represent them on the leasing and disposition of these assets," Williams said in a statement. "We have assembled a team specifically for this assignment who have a wide range of specialties and experience to handle a portfolio of this size.”
In addition to the 20 properties for sale, Lee’s North San Diego team will market a large Class A office space for lease in the newly built Vista Civic Center, totaling about 14,500 square feet. The office space is in the only Class A building in Vista and has window-lined private offices, conference rooms, meeting halls, fitness facilities and break rooms.
Kevin Ham, Vista's economic development director, said that because of established statutes, prospective tenants must either be nonprofits, state agencies, local governments or school districts. No private or federal government users will be allowed.
While most of the parcels and buildings for sale are small and not particularly remarkable, there are some exceptions.
• The 2.28-acre parcel along Lado de Loma immediately south and southeast of Lowe's Home Improvement store is in one of the busiest locations in the city. Little estimated the 2.28 parcel could accommodate about 20,000 square feet of retail; it is priced at $1.84 million.
• Along South Melrose Drive, south of Sunset Drive, is a parcel with about two net usable acres that Little said is zoned for general commercial use. The land could be used for retail or office and has a tentative price of $1.5 million, but prospective buyers are being asked to make an offer. Little said that property could net about 10,000 to 13,000 square feet of commercial buildings.
• At 420 Lado de Loma, 3.35 acres is zoned with a tentative map for 15 single-family residential lots being offered at $1,125,000, Little said.
• Two parcels at opposite corners at the junction of Palm Avenue and Vista Village Drive are very suitable for mixed use, Little said. One of these is a 30,000-square-foot site where 20 units with ground floor retail could be built. That parcel is being offered for $440,000. The opposite corner is a 19,349-square-foot property where 15 single-family residential units with ground for retail could be built.
The remaining properties scattered around the city are all buildings with less than 5,000 square feet or lots that are less than half an acre in size.
After deductions ranging from commissions to taxes, the proceeds will eventually flow to Vista's general fund.
Lee & Associates-North San Diego County office has 30 agents specializing in industrial, office, investment, retail, multifamily and land brokerage.