Brixton Capital, a privately held real estate investment firm, has purchased the Civic Center Plaza from the City of San Marcos, California for an undisclosed price. The roughly 60,000 square-foot, four-building retail center sits on nearly six acres at a key intersection in an affluent submarket of San Diego’s North County.
Developed in 2007 in conjunction with the City, Civic Center Plaza was built to institutional-class standards and is currently 97% occupied. It is located at 125-157 Twin Oaks Valley Road at the intersection with San Marcos Boulevard and proximate to Interstate 15 and State Route 78. A light rail commuter station one block away adds to the property’s accessibility.
“With a lease in place until 2037 with our anchor tenant and an incredible location, we expect Civic Center Plaza to be a strong performer in our retail portfolio,” said Brixton Capital President and Chief Investment Officer Rob Taylor. “In keeping with the current tenant mix and the demographics of the surrounding area, we will target service-oriented, food and beverage, and health and wellness tenants to fill space that may become available.”
Civic Center Plaza is ranked in the 91st percentile nationwide for visits to a retail center for the last 12 months by Placer Labs, Inc. Its anchor tenant, LA Fitness, is joined by other credit tenants, including FedEx, Subway and Robek’s, as well as regional favorites PizzaNova and Ryan Bros Coffee, among others.
“San Marcos is a vibrant, growing city. Within one mile of Civic Center Plaza is a robust daytime population fueled by California State University San Marcos, San Marcos City Hall, Palomar College and five office buildings,” said Brixton Capital Founder and Chairman Marc Brutten. “It’s a city in our own backyard, and we understand the dynamics of its retail real estate very well.”
This is the third shopping center that Brixton has acquired this year, including the Petaluma Safeway center in Petaluma, California and the Elk Grove CVS center in Elk Grove, California.
Newmark’s Pete Bethea, Rob Ippolito and Glenn Rudy represented the City of San Marcos in this transaction, while Brixton represented itself.
About Brixton Capital
Brixton Capital is a preeminent private real estate investment firm focused on generating outstanding, risk-adjusted returns by unlocking embedded value in multifamily and retail properties. Headquartered in San Diego County’s Solana Beach, California, Brixton’s leaderships team brings over 25 years of commercial real estate expertise. The firm currently owns and operates a diverse portfolio of approximately $2.0 billionacross the western United States. For more information, visit www.brixtoncapital.com.
