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OCEANSIDE, CA-Crown Realty & Development has bought and will renovate an 88,000-sf shopping center as part of a major San Diego County investment thrust.

In a $6.2 million deal, Crown acquired the Oceanside Town and Country Shopping Center, a Vons grocery store/Longs drug store anchored center which it will rename Oceanside Crossing, SVP Scott San Filippo says.

“We plan on acquiring an additional $100 million in property in Southern California over the next 12 months,” San Filippo tells GlobeSt.com. “Between $10 million and $20 million of that will be in San Diego County over the next six months. Oceanside is one of the cities we’re very bullish on. We believe it’s the next city to go through a metamorphosis.”

Crown will renovate the shopping center, built in 1971, within two to three years –including the demolition and rebuilding of the store site for Vons, San Filippo says.

“The acquisition … fulfils the criteria we have established for expanding our portfolio of holdings,” says Robert Flaxman, president and CEO of Crown Realty & Development. “The project is a strategically located infill grocery/drug center ripe for repositioning.”

Roger Niez, Jack Carroll and Burton Young of Sperry Van Ness represented the seller in the transaction. Crown represented itself.

The acquisition of Oceanside Town and Country retail center directly follows Crown’s recent acquisition for $21.5 million of Carlton Plaza, a 154,000-sf office property in Woodland Hills.

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