Steerpoint Capital Assigns Spinoso Real Estate Group to manage North County Mall in Escondido, CA, tremendous growth opportunities on the horizonESCONDIDO, CA (February 9, 2023) – Steerpoint Capital (“SPC”), a Los Angeles-based commercial real estate investment and advisory firm focused on executing value-add and opportunistic real estate strategies, in partnership with Bridge Group Investments (“BGI”), a family office investing in retail, industrial and multifamily real estate, announced today the acquisition of North County Mall, a two-level 1,300,000-square-foot enclosed shopping center in Escondido, CA in San Diego County.
“We took our family business from one storefront to more than 170 across the United States, so we know first-hand what it takes to be successful in the retail space,” said George Mersho, Managing Partner of Bridge Group Investments.
“That’s why we have such robust confidence in Steerpoint Capital’s strategy. They understand that consumer expectations for retail spaces are undergoing a fundamental shift, and like us, they believe that there’s a unique opportunity to reinvigorate properties like the North County Mall and create significant returns,” Mersho added.North County Mall opened in early 1986. With very little competition within a 30-minute non-traffic driving time, the property is in an extremely healthy trade area comprised of nearly 1 million people, over 300,000 households, and an average household income of $130K and growing.
“Acquiring the North County Mall is especially significant for me, given my tenure at URW and how familiar I am personally with the asset”, said Bo Okoroji, Managing Partner of Steerpoint Capital.
“Thanks to its location in Escondido along the I-15 and its leading retail, dining, fitness, and entertainment offerings, North County Mall can once again become both a vibrant community hub as well as a dominant player in the regional retail marketplace. We’re looking forward to working with SREG and utilizing their unmatched leasing acumen to make that happen,” Okoroji noted.SPC and BGI hired Spinoso Real Estate Group (“SREG”), a privately held New York-based real estate firm specializing in the management and leasing of large-scale enclosed shopping malls across the USA, to oversee North County and handle the mall’s management, leasing, redevelopment, operations and marketing.
“We are very excited to be working together with SPC and BGI to join forces to maximize North County with a goal and focus on curating the best possible mix of retailers, dining establishments, entertainment venues and community-centric uses to make North County a compelling destination for the greater Escondido market and beyond,” said Carmen D Spinoso, Chairman and CEO of SREG.With an existing strong tenant mix that includes Apple, Cheesecake Factory, Target, Macy’s, 24-hr Fitness and others, SREG sees significant potential growth in the property’s future, and plans to expand their national, regional and local tenant mix as a whole. Additionally, North County Mall’s physical plant is shown in excellent condition, adding further upside potential for future mix-use opportunities for the community.
“Our plans will also include reconnecting North County to the community in a meaningful way, by building strong community relationships with local businesses, organizations, and stakeholders as well as programming events and activities designed to promote gatherings, family interactions, entertainment, and support the greater North County community,” added SpinosoSREG will bring a proven track-record of repositioning and activating shopping centers across the USA, immediately planning to invest its experience and resources in maximizing North County’s potential to transform all facets of the mall and community. With an industry-leading focus on tenant relations, SREG’s recognized proprietary Leasing+™ approach to doing business, and a strong leadership team, the company is anticipating to quickly implement, in conjunction with community stakeholders, a value-building strategy at North County Mall.
“As plans unfold; new uses, repositioning and redevelopment opportunities will be explored to evolve a vision to maximize the success of North County for the future,” said Spinoso.The SPC, BGI, and SREG team, with a freshly dedicated focus and experienced skillset, unanimously foresee tremendous upside potential at North County Mall – ultimately creating value in the community and for the people of Escondido, CA.
About North County Mall
North County Mall is an enclosed shopping mall with 1,300,000 square feet of leasable area. Located in the growing city of Escondido, CA in San Diego County, North County Mall is home to Apple, LUSH, Lululemon, Cheesecake Factory, Macy’s, H&M, Forever21, JCPenney, Haagen-Dazs, Hollister, MINISO MAC Cosmetics, Lucky Brand, Soma and more! For more information, please visit http://northcountymall.com.
About Steerpoint Capital
Steerpoint Capital is a commercial real estate investment management and advisory firm focused on executing value-add and opportunistic real estate strategies. Equipped with capital commitments from a diverse pool of partners, ranging from family offices and domestic and international investment funds, SPC’s current strategy focuses on executing adaptive reuse conversions and retail repositioning opportunities in high-demand markets within Southern California and Sunbelt States. For more information visit Steerpointcapital.com.
About Bridge Group Investments
Bridge Group Investment is the family office for the Mersho family, led by George Mersho and Ralph Mersho. Since its founding in 2004, Bridge Group Investment has invested more than $400 million in retail, industrial and multifamily real estate and has facilitated $1.2 billion in transactions. The Mersho family opened Shoe Palace in 1993, growing the business through hard work and ingenuity from a single brick-and-mortar location to a chain of more than 170 stores across the Southwest.
About Spinoso Real Estate Group
Spinoso Real Estate Group is a national real estate firm, recognized as the premier operator of enclosed shopping malls and large-scale retail properties. With a proven track record of 78 properties and 66.5 million square feet of enclosed-mall transformation, the firm offers a range of services including leasing, property management, repositioning, marketing, development, stabilization, and re-development/densification. For more information, visit www.spinosoreg.com.
Media Contact (SREG)
Director of Marketing & Brand Strategy
Media Contact (SPC, BGI)
Joey Good, Miller Ink