Encinitas retail center sells to Carlsbad firm for $12.2 million


El Camino Square, located in Encinitas, recently sold for $12.2 million. The commercial center is home to longtime local eateries such as Chick’s Natural and Garden State Bagels. (Colliers International photo)

North Coast Current

El Camino Square, an Encinitas shopping center home to longtime local eateries such as Chick’s Natural and Garden State Bagels, has been sold for $12.2 million, parties involved in the transaction recently announced.

Carlsbad-based Capstone Advisors bought the property, located at the northeast corner of El Camino Real and Via Molena, from US Financial LP in late May. The 27,499-square-foot center is Capstone’s ninth commercial holding in San Diego County and its third acquisition in the past eight months, the firm reported in its announcement.

“El Camino Square is a great addition to our existing San Diego real estate portfolio,” Alex Zikakis, Capstone Advisors President and CEO, said in Capstone’s news release. “The property is located in one of the strongest and most dynamic retail submarkets in San Diego County.”

Capstone was represented by Vic Gausepohl and Kirk Allison of Colliers International San Diego Region, which has offices in Carlsbad. Gausepohl and Allison will handle the property’s leasing.

“El Camino Square presented a unique opportunity to purchase a key property on the main commercial corridor in one of the most affluent trade areas in San Diego County where demand and rental rates continue to peak,” Gausepohl said in an announcement published by RENTV. “It is the only property in the area offering all small shop tenants unobstructed visibility to El Camino Real with over 43,000 cars per day.”

The seller was self-represented, according to Capstone. Financing was provided by Silvergate Bank, based in La Jolla.

The El Camino Square property is at a corner opposite Encinitas Marketplace, which sold for $43 million in January. Colliers International San Diego Region was one of the representatives of buyer Encinitas Marketplace LLC.

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