$26-Mil Retail Center Near Campus 80% Pre-Leased

SAN MARCOS, CA-The under-construction 148,259-sf Campus Marketplace has surpassed the 80% pre-leased mark and it’s still nearly four months away from delivery.

Florida-based Regency Centers is developing the $26-million retail center that is anchored by a 57,541-sf Ralph’s grocery and 18,690-sf Long’s drug store. Gregg Sadowksy, vice president regional officer, tells GlobeSt.com that he has four more leases that will be signed within 30 days, eliminating another 8,000 sf from the 39,182-sf balance. He predicts the center will have a “no vacancy” sign within six months of its delivery.

To date, Discovery Isle has signed for 10,528 sf; Blockbuster, 5,000 sf; A Plus Teaching Materials, 4,316 sf; Point Loma Federal Credit Union, 2,700 sf; Bruegger’s Bagels, 1,600 sf; Starbucks, Mail Boxes and Beasley Cleaners, each 1,400 sf; a nail salon and dentist, each 1,300 sf; Subway, 1,200 sf; and Great Clips, 1,100 sf. The newest signing is 5,100 sf for Washington Mutual. All are long-term leases, says Sadowsky.

The retail center is being built in one of the city’s fastest-growing neighborhoods. The 16-acre Campus Marketplace is on the southwest corner of Twin Oaks Valley Road and Discovery Street across the way from the Cal-State San Marcos campus. “It is right where we wanted to be,” Sadowsky says of the high-profile location, which is Regency’s sixth center in San Diego County.

And, confides Sadowsky, it’s not going to be the last. The developer has its eyes on a couple other spots, but those locations are being kept under wraps for now.