Updated Oct 29, 2024
Tower 16 Capital Partners Buys Retail Property In Encinitas For $8M
1532 N Coast Hwy 101, Encinitas, CA...
$8,000,000
$2,000/SF
Building Size
4,000 SF
Asset Type
Retail
Closing
Nov 22, 2023
About this deal
AI
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.
On the Map
$8,000,000
$2,000/SF
Retail
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Players
Encinitas Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93