North Coast Current

Encinitas Marketplace shopping center sells for $43 million

Commercial site opened in 1981 as Wiegand Plaza

Encinitas+Marketplace+shopping+center%2C+pictured+in+a+June+2018+photograph%2C+has+been+sold+for+%2443+million.+%28Southwest+Strategies+courtesy+photo%29
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Encinitas Marketplace shopping center sells for $43 million

Encinitas Marketplace shopping center, pictured in a June 2018 photograph, has been sold for $43 million. (Southwest Strategies courtesy photo)

Encinitas Marketplace shopping center, pictured in a June 2018 photograph, has been sold for $43 million. (Southwest Strategies courtesy photo)

Encinitas Marketplace shopping center, pictured in a June 2018 photograph, has been sold for $43 million. (Southwest Strategies courtesy photo)

Encinitas Marketplace shopping center, pictured in a June 2018 photograph, has been sold for $43 million. (Southwest Strategies courtesy photo)

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Encinitas Marketplace, a 124,411-square-foot shopping center anchored by Kohl’s department store and Lawrance Furniture, has been sold for $43 million, parties involved in the sale announced Jan. 16.

The buyer, Encinitas Marketplace LLC, was represented by firms Colliers International San Diego Region and Jones Lang LaSalle, according to the announcement.

“The Encinitas Marketplace presents an incredible investment opportunity for our buyer,” Richard Lebert, Colliers International senior vice president, said in the announcement. “With a nearly 80 percent national and regional tenant base, the center is an important community asset with strong long-term potential for the new ownership.”

Encinitas Marketplace opened in 1981 as Wiegand Plaza, named for the longtime Olivenhain family. Its original anchor tenant was Alpha Beta supermarket followed by Lucky and Albertsons before Kohl’s obtained the space.

While the seller, represented by REZA Investment Group, was not disclosed in the announcement, public reports online named former owners as Pan Pacific Retail Properties Inc. in the early 2000s followed by Kimco Realty Corp., which had the property listed on its site until recently. The North County Times reported in 2006 that Kimco bought the Vista-based Pan Pacific Retail Properties.

In addition to Kohl’s and Lawrance, tenants include O’Reilly Auto Parts, The Vitamin Shoppe, My Sister’s Closet, Chik-Fil-A, Five Guys and Firehouse Subs, among other merchants.

Encinitas Marketplace is located at 110-194 N. El Camino Real near the northwest corner of Encinitas Boulevard.

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1 Comment

One Response to “Encinitas Marketplace shopping center sells for $43 million”

  1. N Sterman on January 17th, 2019 11:11 pm

    Please tell the new owners that we love our homegrown mom and pop stores and restaurants. That’s what makes our community unique and desireable. Please don’t push out the local tenants in search of high return tenants. That will ruin our community

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Encinitas Marketplace shopping center sells for $43 million