Urban Property Group Secures Lease For Pannikin Coffee & Tea In Oceanside's Historic Bunker House
322 North Cleveland Street
Building Size
2,000 SF
Asset Type
Retail
Closing
Sep 21, 2023
AI
Urban Property Group (UPG) has secured a lease for Pannikin Coffee & Tea in Oceanside's historic Bunker House, comprising 2,000 square feet on the ground floor and an adjacent patio. This lease transaction, facilitated by UPG, allows Pannikin Coffee & Tea to expand its presence while preserving the historic building.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: Not provided
- Square Footage: 2,000
- Address: 322 North Cleveland Street
- Market: Oceanside
The property is located at 322 North Cleveland Street in Oceanside. The lease includes 2,000 square feet of space on the ground floor, as well as an adjacent patio. Pannikin Coffee & Tea, a tenant in the building, will be able to expand its operations while preserving the historic significance of the Bunker House. Urban Property Group (UPG), represented by Serena Patterson, facilitated the lease transaction. Amy McNamara, also of UPG, served as the broker for the deal.
Players
Oceanside Retail Market Snapshot
Boundary boundary · Retail · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93