Renovation work at the 163,869-square-foot, 22-year-old Mission Center in Oceanside has begun and should be completed in spring 2006, according to owner Chris Coseo, who purchased the neighborhood shopping center for $19,075,000 from a Los Angeles-based partnership in July 2003.
The property is located on approximately 20 acres, at the northwest corner of El Camino Real and Mission Avenue, 3762-3784 Mission Avenue. Anchor tenants include Stater Bros., Walgreen's drugstore, Blockbuster Video, Washington Mutual Bank, Burger King, True Value Hardware, U.S. Post Office and Bank of America.
When the $8 million rehabilitation and new construction is complete, the shopping center will feature a new name -- Marketplace del Rio -- and new architectural design, including extensive roof dormers, towers and stone column elements. New building and monument signage, as well as extensive landscaping and hardscape work, are also under way. Phase I, a multi-tenant pad building, is complete. Tenants include Real Estate Consultants, which signed a five-year, $371,070 lease for 3,255 square feet.
A re-tenanting effort will include the addition of new tenants as well as the relocation or expansion of a number of existing stores. A freestanding Walgreen's drugstore with drive-thru is being built, and a food court building featuring outdoor seating will be added. Anchor tenant Stater Bros. recently completed a $1.2 million remodel of its store, which is its best producing operation in the county. Kiddie Academy has extended its lease, 144 months for a total consideration of $1,769,472, and will relocate to a new, 11,500 square foot childcare facility at the west end of the center.
Space for lease from 900 square feet up to 30,000 square feet is available, including shop space and pad opportunities. Kirk Allison and Vic Gausepohl of Colliers International are the exclusive marketing representatives for Marketplace del Rio. The project architect is McArdle Associates Architects. The general contractor is Bycor General Contractors.