San Diego, CA – April 15, 2025 – As we move further into 2025, we want to take a moment to reflect on the first quarter—highlighting key achievements, market insights, and what lies ahead for Equity Street Capital and our partners.
First, we extend our sincere thanks to everyone who attended last month’s Annual Partner Meeting. We appreciate your ongoing engagement and trust.
Join Us in San Diego – ESC Open House, May 16th
We’re excited to announce our upcoming Open House at our San Diego headquarters on Friday, May 16th. This event is a great opportunity to meet our team, ask questions, and connect with fellow partners.
Our transaction activity in Q1 reflects our disciplined approach to asset management and value realization:
The Markets at Town Center (Jacksonville, FL) – Sold in Q1
Promenade at Northwoods (Charleston, NC) – Sold in Q1
North Logan Commons (Loganville, GA) – Sold in April
Looking ahead, our team continues to track economic developments—particularly around proposed U.S. tariffs and monetary policy—that could influence commercial real estate.
Recent announcements have caused treasury yields to rise, consumer sentiment to dip, and deal activity across sectors to slow. While these short-term headwinds create volatility, they also generate opportunities. Our experience tells us that uncertain environments often create windows to acquire quality assets at attractive pricing—especially for groups with strong relationships and operational discipline.
Our investment strategy remains focused on long-term value creation, and we are well-positioned to navigate this period with resilience.
Despite macroeconomic turbulence, our portfolio continues to perform across asset classes:
Florida Office: Rents continue to push upward, benefiting from limited supply and strong submarket fundamentals.
Retail: Over 250,000 SF of new and renewal leases signed during Q1, demonstrating strong tenant demand.
Multifamily: Ended the quarter at 91% occupancy (weighted), despite the headwinds of new supply in several markets.
Behind the scenes, we remain focused on improving property operations, maintaining tenant satisfaction, and conserving capital where prudent.
A central theme for us this year is capital and debt restructuring. Our team is actively working with lenders to refinance or restructure debt across multiple properties. This initiative—already well underway—is core to ensuring long-term flexibility, optimizing property performance, and enhancing value across the portfolio.
As we move through 2025, Equity Street Capital remains focused on what we do best: executing on our investment strategies, strengthening property performance, and navigating market shifts with discipline and clarity. While the broader economic environment presents its share of uncertainty, our long-term approach, strong relationships, and commitment to active management continue to position us well. We appreciate your trust and partnership, and we look forward to sharing continued progress with you in the months ahead.
About Equity Street Capital: Equity Street Capital (ESC) is a San Diego-based commercial investment firm renowned for its focus on achieving attractive risk-adjusted returns while maximizing long-term capital appreciation. Founded by real estate investors and entrepreneurs Than Merrill and Paul Esajian, Equity Street Capital is dedicated to providing transformative real estate investment opportunities to it’s investors.
