NewMark Merrill South, LLC, the San Diego based retail shopping center owner and development company and subsidiary of NewMark Merrill Companies, announced today it has sold Melrose Landing, a newly developed retail property located at 2655-2665 Melrose Drive in Vista, California. The two single-tenant buildings, located at the corner of South Melrose Drive and Faraday Avenue, were pre-leased to Dutch Bros Coffee and Wendy’s prior to construction and have now been sold in two separate transactions. NewMark Merrill South currently owns and/or manages of portfolio of more than 30 retail centers in San Diego County.
The Dutch Bros Coffee property sold for $2.7 million, while the Wendy’s property was sold for $2.6 million and both closed escrow in the fourth quarter of 2024.
“This project exemplifies NewMark Merrill’s ability to source land, entitle, lease, and develop high-quality assets in prime locations,” said Barret Bradley, Vice President of Acquisitions and Development at NewMark Merrill Companies. “From land acquisition through the sale, our team executed on every aspect of the development process, delivering a project that met the needs of both tenants and investors.”
Transaction Details
- Dutch Bros Coffee Sale:
- Seller Representation: Pat Luther, SRS Real Estate Partners.
- Buyer Representation: Jason Ehrenpreis, CBM1.
- Tenant Representation: Andrew Peterson, SRS Real Estate Partners represented the tenant on the lease.
- Testimonial from Selling Broker: “Melrose Landing was a highly sought-after asset, and we saw tremendous interest from investors looking for strong credit tenants in high-growth markets,” said Pat Luther, who represented NewMark Merrill in the sale. “Dutch Bros Coffee’s expansion in Southern California made this a prime opportunity.”
- Tenant Testimonial: “NewMark Merrill was a fantastic partner throughout the process,” said Branden Schan, Dutch Bros’ Director of Real Estate. “Their expertise in entitlements and proactive approach to coordinating construction made for a seamless experience. We are thrilled to be part of this vibrant location.”
- Wendy’s Sale:
- Seller Representation: NewMark Merrill self-represented.
- Buyer Representation: Kevin Barry, Irish Commercial.
- Testimonial from Buyer’s Broker: “My client recognized the long-term value in this property, given its location and Wendy’s strong performance metrics,” said Kevin Barry. “It’s an ideal investment for their portfolio.”
NewMark Merrill’s acquisition, development, financing, and leasing team for the project included John Hickman, Managing Director, San Diego; Barret Bradley, Vice President of Acquisitions and Development; Robert Mendoza, Director of Development & Construction; and Sandra Kist, Chief Financial Officer.
“We are proud to have completed another successful development in North County San Diego,” added John Hickman, Managing Director of the San Diego Division. “Bringing two top-tier tenants to Vista was the result of an incredible effort from our entire development and leasing team.” NewMark Merrill remains active in the market and is actively pursuing new development and acquisition opportunities across Southern California.
About NewMark Merrill Companies
NewMark Merrill Companies, Inc. owns or manages a portfolio of over 100 shopping centers valued at more than $3 billion. Since 1987 President and Chief Executive Officer Sandy Sigal has led the company of shopping centers representing over 2,000 tenants and 12 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.