The seller, Beeman Family Trust, 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 space. The center is shadow-anchored by a Lucky Supermarket. In addition, CRSC II is anchored by BevMo and a state-of-the-art In-Shape Fitness Center, both of which draw customers from throughout the Carmel and Carmel Valley high-demographic trade areas. The property was 98% leased at the time of sale.
“This is an irreplaceable investment that comes along for sale in the Carmel area once every 25 years,” said Michael Schoeder, who serves as Managing Principal of Cushman & Wakefield’s Central Coast Offices. “This 60-year old center has delivered to its owners a highly-stable and high-quality income stream. In addition to such dependable income stream, the new owner has been presented with an exciting and significant value-add opportunity. Further, due to the almost insurmountable barriers-of-entry to develop new competition, the buyer also has the luxury of implementing a repositioning strategy with little concern related to the potential of competing projects.”
Josh Jones, Managing Director, added, “Located in the Mouth of Carmel at the entrance to the Carmel Valley, the property is an iconic location within the Carmel/Pebble Beach retail submarket, the premier retail submarket on the Monterey Peninsula. Carmel is a world famous destination, renowned for its picturesque charm, beautiful white sand beach, performing arts and hundreds of upscale shops, art galleries and world class restaurants.”
Schoeder added, “We are very proud to be part of selling this 60-year legacy property for the Beeman Family Trust.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, follow @CushWake on Twitter.
