SAN MARCOS — The heart of San Elijo Hills is once again under new ownership. Recently Gershman Properties purchased the San Elijo Hills Town Center from Ambient Communities for $16 million.
Gershman Properties is a Los Angeles-based firm founded in 1998 by Ronald Gershman. According to the Gershman website, in 2008 the firm started to “restructure its portfolio to focus exclusively on the acquisition of California neighborhood shopping centers while reducing its triple net portfolio.” Some of the shopping centers Gershman owns are located in Chula Vista, Mission Valley and Vista.
“They will not be making any changes to the square,” Executive Managing Director David Lachoff of Newmark Knight Frank said. “We are very happy with it.” He said that they are looking for a tenant to acquire a property next to Everbowl.
According to the marketing materials, the lot will be sandwiched between Everbowl and Lourdes Mexican Food offering 1,100 square feet. It is the last vacancy on the square. Lachoff did not have a comment as to what might occupy the space.
Ambient Communities still owns a vacant lot north of the square that has yet to be built offering leasing opportunities to small businesses and various retail operations.
Recently, two new tenants announced they would be opening restaurants on the square including Tapa Tapa Restaurant and SETS Kitchen & Bar. In an interview with The Coast News, Duncan Budinger, director of retail development with Ambient Communities, said Tapa Tapa will feature authentic Spanish cuisine. The owners of neighboring Lourdes Mexican Food decided to open Tapa Tapa. Budinger also said SETS (which stands for San Elijo Town Square) will offer dishes inspired by its Colorado-based owner.
According to marketing materials, in its final phase of completion, the San Elijo Hills Town Center is proposed as a highly traveled thoroughfare with about 32,000 cars passing through the area per day by 2020.
1 comment
The flip flopping of commercial properties has a direct impact on the tenants. Immediate higher tax bill. You wonder why small business owners are closing their businesses. Gershwin Properties should swallow the tax increase. Stephanie you fail to mention in your article the Melo Roos associated with the San Ellijo Developtment in your all is well in Oz piece.
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