Plaza Kensington, a 3,388-square-foot retail strip on Adams Avenue, has sold for $2.38 million, a real estate firm announced.
“A transaction like this shows that high-demand, low-velocity markets like Kensington will have many buyers even if the retail market in general has slowed,” said Nick Totah, senior vice president investments with the Totah Group in Marcus & Millichap’s San Diego Downtown office.
Totah and Ross Sanchez, senior investment associate for the Totah Group, represented the seller, Scott Owen of Kensington Office Rentals. The property was on the market for five days and a full price offer was accepted.
The buyer, Paul Kasawdish of Kasawdish Property Holdings, LLC, was also procured by Totah and Sanchez.
“The buyer operates Clem’s Bottle House across the street,” Totah said of the retailer, “and this made an ideal, long-term opportunity to acquire. He plans to lease up the property short-term and eventually move his business into the property,” said Totah.
Plaza Kensington, 4179 Adams Ave., was built in 1961. Three out of the four suites are currently leased; they include a sushi restaurant, barber shop and a spa.
Marcus & Millichap (NYSE: MMI), a commercial real estate brokerage firm, specializes in investment sales, financing, research and advisory services,
