RAF Pacifica Nabs $24M Retail Asset
- Jan 10, 2018
RAF Pacifica Group has acquired 39,000 square feet of retail space within Pacific Station, a mixed-use property in Encinitas, Calif. Matt Moser of Retail Insite represented both the buyer and the seller, Loja Retail Partners, in the $24 million transaction. The space is leased to tenants such as Amazon, Whole Foods and Wells Fargo, and was acquired at almost half its market value, according to Adam Robinson, the founder & president of RAF Pacifica.
“San Diego remains a core focus for us, and we have been extremely active throughout the region for the last several years, especially in terms of industrial and office space. This acquisition is demonstrative of our approach to diversify our portfolio beyond creative industrial and office, and branch out into other product types including mixed-use, retail and multifamily,” said Robinson in a prepared statement.
Located at 687 S. Coast Hwy. 101, Pacific Station is a 100,000-square-foot development located at the corner of Coast Highway and East Street, close to the San Diego Coaster Train Station. It offers 47 condominiums, 10,000 square feet of office space and a retail component.
“Demand for mixed-use projects is on the rise as lifestyle preferences continue to evolve toward more walkable, community-focused environments,” added Robinson. “This is especially true in dense coastal communities such as Encinitas. Located within a high-quality mixed-use development, the retail portion of Pacific Station will be fueled by its surrounding residential and office counterparts, generating significant traffic and adding to its long-term value.”
Image via Google Street View