A new office and retail condominium property, part of a newly constructed mixed-use development in Encinitas, has sold for $7.9 million, a brokerage firm said.
Just completed in April, Surfside Luxury Lofts of Leucadia is located at 1532-1536 N Coast Highway 101.
Tower 16 Capital Partners acquired the 8,000-square-foot, two-story condo from Encinitas Properties. The buyer will occupy 4,000 square feet on the second floor and offer the remaining space on the ground floor for lease.
The site also features seven residential townhomes that were recently purchased individually, but were not part of this transaction.
Peter Curry with Cushman & Wakefield’s Private Capital Group in San Diego represented both parties in the sale. The firm also was hired by the buyer for leasing services.
“This was a fantastic opportunity for the buyer to acquire a unique boutique-Class A office/retail asset within one block of the beach for their own use, while also having the ability to generate income through the lease-up of the street-level space below,” Curry, a managing director, said.
Cushman & Wakefield is a global real estate services firm that had revenue of $9.4 billion last year across core services, including property, facilities and project management.