Cushman & Wakefield Advises Rare Sale of Carmel Rancho II Shopping Center on Monterey Peninsula for $13.55 Million

CARMEL, Calif., August 19, 2019 – Cushman & Wakefield is pleased to announce the sale of the Carmel Rancho II Shopping Center (“CRSC II”), a neighborhood shopping center in Carmel (Monterey County), California, which sold for $13.55 million. The seller was Beeman Family Trust, which had owned the property since it was originally built in 1959. Michael Schoeder and Josh Jones with Cushman & Wakefield Monterey together with Dan Wald of the firm’s Retail Investment Advisors Group in San Francisco represented the seller in the transaction. The buyer was a Private Capital buyer out of San Francisco, which acquired the property as the up-leg in a 1031 Exchange. The buyer sold an apartment building in San Francisco as the down-leg of the exchange and was represented by Paul Radcliffe of Alain Pinel. Located at 26200 and 26536-26549 Carmel Rancho Blvd., CRSC II comprises 44,676 square feet of rentable retail [...]

By |2019-08-19T16:32:07-04:00August 19th, 2019|In the News|0 Comments

Paragon Commercial Group Sells Rare Bay Area In-N-Out Burger Ground Lease

SAN JOSE, Calif., January 29, 2019 – Paragon Commercial Group, LLC (Paragon), one of California’s most prolific retail development firms, has completed the sale of a rare In-N-Out Burger ground lease to a private Bay Area buyer for $6.925 million. Paragon began work in 2014 to acquire the former parking lot site from a Lowe’s Home Improvement and concurrently entered into a ground lease with In-N-Out Burger for a single tenant restaurant. The restaurant is currently under construction and is expected to open in Q1 2019. “We are thrilled with the outcome on the sale of this first-class asset and we’re even more excited about the opportunities to come in 2019.  Paragon remains bullish on value-add retail opportunities throughout Northern California and we anticipate acquiring a couple hundred million in Northern California retail assets in the very near term,” said Patrick McGaughey, Paragon’s Northern California Director of Investments. The [...]

By |2019-02-28T15:54:51-04:00January 29th, 2019|In the News|0 Comments