Mike Conger and Brian Jenkins, of ECP Commercial Inc. represented the buyer in the Deal of the Week. The seller represented itself.
The deal was the sale of the two-building, approximately 18,400-square-foot retail property at 1691-1693 Melrose Drive in San Marcos for $9.3 million. The retail center was constructed in 2008 on a 1.95-acre corner lot at Sparrow Lane.
The buyer was Purple Mountain Empire I LLC of San Diego, with Linda L. Greenberg as the manager. The acquisition was financed with a loan of $3.5 million from Wells Fargo Bank.
The developer/seller of the property was Lulu Land Company LLC, with Julian Piccioni manager. Title and escrow services were provided by Chicago Title. The property was fully leased at the time of sale. Tenants include Pizza and Ale LLC (from June 2012) and Red Dog Vets Inc. (May 2014). In early 2009, R&V Mexican Food Inc. leased 1,870-square-foot suite 110 at 1693 Melrose for 60 months at $375,312, for a restaurant.