ESCONDIDO, CALIF. — The Little Dragovic Team of Lee & Associates – North San Diego County has negotiated the sale of an industrial property located at 410, 414 and 416 Hale Ave. in Escondido. An entity doing business as Hale Holdings LP/Raymer Properties LP sold the asset to Mariste Enterprises LP for $11.5 million.
Ne-Mo’s Bakery fully occupies the property and has been the original tenant since the building was delivered in 1975. Ne-Mo’s Bakery uses the facility for corporate office space, baking, food processing, cooler/freezer storage, dry good storage, warehousing and distribution for its signature individually wrapped cakes and sweet baked goods.
The asset consists of 59,757 square feet of industrial space located on three contiguous parcels of land spanning 369 acres. The property’s underlying M1 zoning allows industrial outside storage (IOS).
Marko Dragovic, Isaac Little and Olivia Baffert of the Little Dragovic Team, Lee & Associates – North San Diego County represented the seller, while Ryan Turnquist and Matt Skogebo of Lee & Associates – Riverside represented the buyer in the deal. The buyer plans to hold the property as a long-term investment.