On July 5th, 2017 NLA Escondido, LLC a subsidiary of Net Lease Alliance, LLC (NLA) purchased a motel and restaurant building on 2.25 acres of land at 425 West Mission in the City of Escondido from Jinkyu and Joy Heo for $4,250,000. NLA sourced 100% of the project capital needed in the form of $3.5 million in equity and $7.667 million in bank construction financing through Ruston, Louisiana-based Origin Bank's Ridgeland, MS office.
NLA and a co-development partner are redeveloping the site into a new 12,000 SF project including retail, restaurants, and a car wash. Tenants include The Habit Burger, Stanton Optical, Yoshinoya, Super Star Car Wash, and multiple other Tenants that cannot be named at this time. Austin Dias and Scott Duhs of Duhs Commercial, Inc. represented the Seller and Buyer in the sale of the property as well as the developer in the lease transactions. Mike Clark of Main and Main represented The Habit Burger and Cyrus Rapinan of Rosano Partners represented Super Star Car Wash.
The development will include improvements to signalization and turn lanes at this busy intersection (66,000+ cars per day). The project is anticipated to be completed in first quarter of 2018.