Marcus & Millichap arranged the sale of 2727 Via Cascadita, a 24,933-square-foot retail center in San Clemente. The property sold for $8.9 million, or $356.95 per square foot, at a 5.39% cap rate.
Tony Azzi and Rabbie Banafsheha of The Azzi Group of Marcus & Millichap represented the seller, Casual Cascade De, LLC. The buyer, Space Investment Partners, LLC, was procured by Azzi, Banafsheha and Arteen Zahiri, also of The Azzi Group.
The team generated more than 20 competitive offers, ultimately securing an all-cash buyer and closing at 99% of the list price in 21 days. The transaction required navigating a complex CMBS loan defeasance and layered cash management structure.
“This was a very complicated transaction due to having to navigate the Coastal Commission, working with the city and managing multiple moving parts simultaneously,” said Banafsheha. “We’re glad we got the deal done and were able to deliver a great outcome for all parties involved.”
The post San Clemente Retail Trades in ‘Very Complicated” Deal appeared first on Connect CRE.
