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Heslin Holdings Acquires Oceanside Plaza for $11.3M

First in Firm's Pipeline, Planned to Top $100M in 2014
January 28, 2014
Heslin Holdings, Inc., a privately-owned commercial real estate investment and development firm, has acquired the Oceanside Plaza shopping center at 2007-2041 Mission Ave. in Oceanside, CA from Toluca Properties for $11.25 million, or about $91 per square foot.

The 124,006-square-foot retail center is located on 10.5 acres in the Oceanside Retail submarket of San Diego, at a signalized intersection less than two miles from Oceanside Pier and Marina, the beaches, and access to I-5 and Rte. 76.

The asset is 73 percent leased, with credit tenants including Pep Boys, Rent-A-Center, KFC and Metro PCS.

"As a value-add opportunity, Oceanside Plaza is an ideal addition to the portfolio of Heslin Holdings," said Matthew Heslin, principal and chief executive of Heslin Holdings. "Our firm is ramping up to make significant investment in similar properties that meet our investment strategy."

The company plans to capitalize on the center's upside potential through a value-add plan that includes renovations and targeted lease-up activity. Heslin has also announced it plans to invest more than $100 million in retail acquisitions during the 2014 calendar year, including the addition of 500,000 square feet to its commercial portfolio, according to Casey McKeon, director of acquisitions at Heslin.

Mike Grannis and Brent Cunningham of Highland Partners Corp. represented both the seller and the buyer in the sale.

Please see CoStar COMPS #2940646 for additional information on this transaction.
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