Viewpoint Development Acquires Restaurant Property In San Diego From Georgakopoulus Family LLC For $9M
4620 Pacific Highway
$9,000,000
$2,250/SF
Building Size
4,000 SF
Asset Type
Retail
Closing
Aug 16, 2024
AI
A 4,000-square-foot restaurant property located at 4620 Pacific Highway in San Diego has been sold for $9 million. The property spans 1.74 acres and is classified under retail asset type. The price per square foot was recorded at $2,250.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $9,000,000
- Address: 4620 Pacific Highway
- Market: San Diego
- Square Footage: 4,000
- Price Per Square Foot: $2,250
- Buyer: Viewpoint Development
- Seller: Georgakopoulus Family LLC
- Brokers: Brian Quinn - JLL; Steve Avoyer - Flocke & Avoyer Commercial
The deal was facilitated by Brian Quinn from JLL and Steve Avoyer from Flocke & Avoyer Commercial, who represented both the buyer and the seller. Viewpoint Development intends to develop residential housing on the site, having navigated environmental and historic challenges to finalize the transaction.
Players
San Diego Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93