VISTA, Calif., June 27, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), has been retained as exclusive advisor for the sale of Pavilion, a 136,775-square-foot shopping center in Vista, California. The price is $29,867,095.
“Pavilion is a newly refurbished destination center that generates consistent annual rent growth,” says Bill Rose, IPA senior managing director. “The property’s characteristics are well-suited for investors seeking quality Southern California real estate.”
Rose, Rick Puttkammer, vice president investments, and associate Matt Hardy are representing the seller. Chad O'Connor, senior managing director capital markets, will advise on acquisition financing.
Built in 1989 on nearly 11 acres and completely refurbished in 2017, the center is located close to California State Route 78 in Vista near Mira Costa College, the Tri-City Medical Center, Ocean Ranch Corporate Center and Rancho Del Oro Technology Park. The Sprinter light rail system’s College Boulevard station is less than two miles away and Quarry Creek, a 636-home development, is less than a mile down the road. More than 607,000 people live within a 20-minute drive of the property and there are approximately 112,000 households with an average annual income of nearly $83,000 within a five-mile radius. Pavilion’s major tenants include Altitude Trampoline Park, North Park Produce, the Indian Store, David’s Bridal, Luv 2 Play, Hardcore Fitness and Dunn-Edwards Paints. Property improvements include a new parking lot, roof, facade and monument signage.