Another retail property has been put up for sale in the greater San Diego metropolitan area. According to a recent listing by CBRE, a 13,211 square foot retail portion of a mixed-use development known as The Lofts at Moonlight Beach is available for sale at an asking price of $11 million, or approximately $833 per square foot. The retail asset is located on around 0.63 acres of land at 90 N Coast Highway 101 in Encinitas.
The marketing of the property is being handled by CBRE’s Joel Wilson, Reg Kobzi and Michael Peterson.
The Class A property was originally built in 2008 and is currently 93 percent occupied by multiple tenants. The current tenants include the Lofty Coffee Company, ASAP IVs – IV Therapy Clinic Encinitas and Cali Cream Homemade Ice Cream. The marketing materials show the current cap rate at 6.3 percent and the net operating income at $693,000 per year. The property also offers 51 parking spaces. Some of the nearby major retailers include US Bank, Club Pilates, Denny’s and California Bank Trust.
The Lofts at Moonlight Beach is located in the heart of Encinitas at the intersection of Encinitas Boulevard and Coast Highway 101. Highway 101 is a main retail artery in Encinitas and this location is also positioned at the entrance to Moonlight Beach at B street. Moonlight Beach and the Coaster commuter railway are both a short walk away.
The listing at The Lofts comes on the coattails of several similar listings in the area over the last few months. The Registry recently reported on the offer for sale of a 65,000 square foot shopping center slightly further up the coast in Oceanside. The property known as Plaza Rancho del Oro is located at 4120, 4140, 4160, 4176, 4186 and 4196 Oceanside Blvd. and is listed at the asking price of $34.46 million, or approximately $529 per square foot.
San Diego County boasts a generally affluent and sizable population. With 3.3 million residents within its limits, approximately 313,800 individuals have an average household income surpassing $122,100.
