By Alison Siwek CoStar Research August 30, 2022 | 1:22 P.M.
A San Diego-based investor has sold the Twin Oaks Town Center at 403 - 407 N. Twin Oaks Valley Road in San Marcos, California, for $8.2 million, or about $383 per square foot, to a private owner.
The transaction represents the buyer's upleg in a 1031 tax-deferred exchange. The seller had acquired the asset in 2014 for $5.25 million, according to CoStar records, before increasing the center's occupancy from 88% to 96% and increasing net operating income there. The latest sale closed at a 5.5% capitalization rate.
The 21,390-square-foot neighborhood shopping center is home to multiple tenants including 7-Eleven, Spine Zone, Papa Johns, Re/Max and Cal Copy. There currently is just one available storefront there.
Bo Gibbons, Liam Teer and Lee Suryani with Pacific Coast Commercial represented the seller. Gibbons and Brian Crepeau, also with Pacific Coast Commercial, represented the buyer in the sale.
Please see CoStar COMPS #6097018 for more information on this transaction.
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