Company pre-leases building to Dutch Bros. Coffee and Wendy’s
Oceanside, CA. (July 11, 2022) – NewMark Merrill South, LLC, the San Diego based retail shopping center owner and development company and subsidiary of NewMark Merrill Companies, Inc., announced today it has acquired a 1.4-acre site located at the corner of South Melrose Drive and Faraday Avenue in Vista, California. NewMark Merrill South currently owns and/or manages a portfolio of more than 30 retail centers in San Diego County.
NewMark Merrill will begin construction on Melrose Landing in the third quarter 2022 for the two-restaurant site development. The company has already secured leases with Dutch Bros. Coffee and Wendy’s to occupy the entire site. Completion of the buildings is scheduled for Summer 2023.
“Melrose Landing is a new ground-up development by NewMark Merrill South,” commented Barret Bradley, Vice President of Acquisitions and Development in San Diego. “We are excited at the opportunity to bring these two great operators to the Vista community and look forward to pursuing additional opportunities like this in and around the San Diego area.”
On the land acquisition, financing, and leasing transaction, NewMark Merrill’s team was represented by John Hickman, Managing Director, San Diego, Barret Bradley, Vice President of Acquisitions and Development and Sandra Kist, Chief Financial Officer. Additionally, Travis Fidel and Kevin Marusiak of Radar Capital arranged the financing. Jon Walters of Kidder Matthews represented the seller. Kevin Barry of Irish Commercial represented Wendy’s with Andrew Peterson of SRS representing Dutch Bros Coffee.
“NewMark Merrill was able to source the land, gain full city entitlements for two new-construction drive-thru buildings, lease the property and arrange for attractive project financing, all prior to close of escrow,” stated Hickman. “The project will bring one of the first Dutch Bros. Coffee locations to open in San Diego County, and with Wendy’s will provide much-needed food and beverage options to the Vista/Carlsbad business park, a bustling and rapidly expanding center of commerce and employment in North County San Diego.”
About NewMark Merrill Companies
NewMark Merrill Companies, Inc. owns and/or manages a portfolio of over 95 shopping centers valued at more than $2.5 billion. Since 1987, President and Chief Executive Officer Sandy Sigal has led the company of shopping centers representing over 2,000 tenants and 11 million square feet in California, Colorado and Illinois. The Company has founded and invested heavily in BrightStreet Ventures, its technology company, which is working on leading edge solutions for landlords and tenants to succeed in today’s retail environment. For more information, please visit NewMarkMerrill.com.