NewMark Merrill South acquires land in Vista for multi-tenant restaurant development
NewMark Merrill South LLC, the San Diego-based retail shopping center owner and development company and subsidiary of NewMark Merrill Companies Inc., has acquired a 1.4-acre site located at the corner of South Melrose Drive and Faraday Avenue in Vista, where it will build two new drive-through buildings for lessees Dutch Bros. Coffee and Wendy’s. Completion of the buildings, to be called Melrose Landing, is scheduled for summer 2023.
“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,” said John Hickman, managing director for NewMark Merrill in San Diego. “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.”
On the land acquisition, financing, and leasing transaction, NewMark Merrill’s team was represented by John Hickman; 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.
To read the original article, please visit https://www.sandiegometro.com/2022/07/daily-business-report-thursday-july-21-2022