Further expanding its portfolio of retail and multifamily assets, Pathfinder Partners, LLC – a San Diego-based firm which makes opportunistic and value-add real estate investments – announced today that it has acquired Breeze Hill Promenade, a 40,500 square foot retail center just north of San Diego in Vista, California.
Built in 2007, Breeze Hill – with colorful European village-style architecture and landscaped grounds – is comprised of three buildings on three separate parcels. The 5.74-acre property includes a 15,708 square foot building leased to CVS Pharmacy; a 3,329 square foot building leased to Comerica Bank and a 21,552 square foot multi-tenant building with inline retail space, leased to several tenants including Submarina, Via Sicilia restaurant and King’s Stationers. Both the CVS Pharmacy and the Comerica Bank buildings are equipped with a drive-through.
According to Mitch Siegler, senior managing director of Pathfinder Partners, the property represents an attractive investment in a growing community and is well located at the signaled intersection of Melrose Drive and Breeze Hill Road – major thoroughfare with more than 26,000 cars per day. Additionally, the center is in close proximity to other retail centers with tenants including Food 4 Less, Petco, LA Fitness, Ralphs and Starbucks, and is adjacent to the North County Regional Center, which houses the Superior Court, District Attorney, Board of Supervisors and other government agencies.
“This is an ideally located, value-add property in a rapidly growing area of San Diego County,” Siegler said. “We are always pleased to be able to invest in high quality real estate with strong tenants in our home town.”
Pete Bethea and Rob Ippolito of Cushman & Wakefield represented the seller on the transaction.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners was founded by Lorne Polger and Mitch Siegler in 2006 to make opportunistic investments in distressed real estate assets and defaulted loans. Since its inception, Pathfinder has acquired notes and properties with original loan balances in excess of $700 million in more than 70 separate transactions. In addition to seeking opportunities to provide liquidity to selling financial institutions, Pathfinder also seeks to maximize value through property enhancements, improvements in operations and marketing, property repositioning and other strategies. For more information, visit www.pathfinderfunds.com or call Mitch Siegler at (858) 875-4455.