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Viewpoint Development Acquires Restaurant Property In San Diego From Georgakopoulus Family LLC For $9M

Property Image
SOLD
$9,000,000
Brian Quinn
Steve Avoyer

California

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Retail4,000 SF
Sold 08/16/2024
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Property Image
SOLD

Viewpoint Development Acquires Restaurant Property In San Diego From Georgakopoulus Family LLC For $9M

4620 Pacific Highway

See Similar Deals
Retail4,000 SF
Sold 08/16/2024
Brian Quinn
Steve Avoyer
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$2,250
Total Square Footage:4,000 SF
Transaction Type:Sale

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

Brian Quinn
JLL
Brian Quinn
5 deals$25.5M volume(858) 352-2902
BROKER
Steve Avoyer
Flocke & Avoyer
Steve Avoyer
1 deal$9M volume
BROKER

Details

SOLD
IMAGE: Brian Quinn & Steve Avoyer DATE: 08/16/2024 ADDRESS: 4620 Pacific Highway MARKET: San Diego ASSET TYPE: Retail ~ ACRES: 1.74 BUYER: Viewpoint Development SELLER: Georgakopoulus Family LLC BROKERS: Brian Quinn - JLL (@JLL); Steve Avoyer - Flocke & Avoyer Commercial (@FlockeAvoyer) SALE PRICE: $9,000,000 SF: 4,000 ~ PPSF: $2,250 NOTE: Viewpoint Development acquired a 4,000-square-foot restaurant property at 4620 Pacific Highway in San Diego for $9 million, with plans to develop residential housing on the site. JLL and Flocke & Avoyer represented both the seller and buyer, overcoming environmental and historic challenges to close the deal.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$480,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$31,975.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$42,664.59
Annual Debt Service$511,975.10