600 - 620 W. Mission Blvd .
Escondido, CA
(near Hwy 78 & I-15)
Description
The 10.2 acre Lowe’s site in Escondido, CA was purchased in January 2005. This was a dark K-Mart site with a 105,000 sq ft commercial shell. We have executed an agreement with Lowe’s and they are scheduled to open a new superstore towards the end of 2006. We are also entitling the site for 6,600 sq ft retail pad and are in negotiations with Panda Express for a 5,000 pad with a drive through. KCM has been approached with purchase offers in the 5% cap range, which equates to $31 million for the Lowe’s and the two additional commercial pads on site.
Property: 10.2 acres
Building: 195,000
Status
The City of Escondido is currently fast tracking this project to grant entitlements for the Lowes, Two Retail Pads, and 164 Attached Homes. Based on the correspondence from the City Lowes plans to break ground in April of 2006 having receiving the entitlements for all four projects.
The 10.2 acre Lowe’s site in Escondido, CA was purchased in January 2005. This was a dark K-Mart site with a 105,000 sq ft commercial shell. We have executed an agreement with Lowe’s and they are scheduled to open a new superstore towards the end of 2006. We are also entitling the site for 6,600 sq ft retail pad and are in negotiations with Panda Express for a 5,000 pad with a drive through. KCM has been approached with purchase offers in the 5% cap range, which equates to $31 million for the Lowe’s and the two additional commercial pads on site.