The property involved in the transaction is a new, Class A office/retail condominium located at 1532 N Coast Hwy 101 in Encinitas, CA. The asset, part of the Surfside Luxury Lofts in Leucadia development, was recently completed and consists of an 8,000-square-foot, two-story building. Tower 16 Capital Partners acquired the property for $8,000,000. Tower 16 Capital Partners will utilize 4,000 square feet on the 2nd floor of the building, with the remaining ground floor space available for lease.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $8,000,000.00
• Market: Encinitas
• Buyer: Tower 16 Capital Partners
• Buyer's Rep: Peter Curry (Cushman & Wakefield)
• Seller: Encinitas Properties, LLC
• SF: 4000

Peter Curry, representing both parties in the deal as part of Cushman & Wakefield’s Private Capital Group in San Diego, facilitated the transaction. The buyer saw an appealing opportunity to acquire a distinctive boutique office/retail asset within close proximity to the beach for their personal use. Additionally, they can generate income by leasing out the street level space.