505 North Broadway, Escondido, California
Northwest corner of North Broadway and Woodward Avenue in Escondido, California.
At the time of acquisition the property contained an 11,486 square foot multi tenant retail/automotive repair building constructed in 1977. The building was in deplorable condition and was leased to low quality businesses including a church, hair salon, and an automotive repair shop. The existing leases expired within 2 to 4 years after the purchase date.
Following the acquisition, we negotiated buyouts with the existing tenants, performed a significant building remodel, and added 6 parking spaces to the site plan. The result included a completely renovated and functional retail shopping center, anchored by Dunn Edwards Paint.
The zoning code required site plan and design review approval from the City’s Architectural Review Board.
The original building and site plan were functionally obsolete and required a complete transformation.
The zoning was modified and consequently prohibited the use of paint stores. Through diligent negotiations with the City, we obtained the necessary governmental approvals permitting a paint store use.
Disclaimer: This property was purchased, developed, and leased under the leadership and supervision of Aaron Swerdlow, as a co-founder of Festival Development Partners, LLC. This is not an Equitas Investments, LLC project.