SAN MARCOS, CA-A freeway-visible landmark fetches nearly $4.8 million, with the new owners planning a face-lift for the 106,000-sf former North County Factory Outlet Mall in northern San Diego County.

CT California Fund II LLC, an entity of CT Realty Co. has bought the mall, which closed in January, from Bankers Trust Co. The former showroom’office building at 1050 Los Vallecitos Blvd., visible from Highway 78, is being retrofitted into a home furnishings, mixed-use retail and office location. Construction is under way, with delivery planned for the fourth quarter.

Buyer and seller has been represented by the Carlsbad office of Colliers International, who already has preleased 30,000 sf to Heritage Gallery in a 10-year deal being valued at $3.1 million and 15,000 sf to Arizona Leather in another 10-year deal with about a $2 million value.

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