Cushman & Wakefield announces sale of mixed-use property in downtown Rancho Santa Fe for $11.2 million
Cushman & Wakefield announced the firm has arranged the sale of a premier mixed-use retail, restaurant, office, and residential project in downtown Rancho Santa Fe, according to a news release. Located at 6106-6108 Paseo Delicias and 6012-6016 La Granada, the site consists of approximately 11,900 square feet of leasable commercial space over approximately 0.35 acres (15,534 sf) of land.
The property was acquired for $11.2 million by buyer TIPP Investments, LLC, an entity controlled by Grand Restaurant Group which operates Nick & G’s Restaurant, the existing anchor occupant of the project.
Cushman & Wakefield’s private capital specialists Peter Curry and Brooks Campbell and retail specialist Chad Iafrate in San Diego, along with Ray Adams of Kidder Matthews represented the seller, Millar Properties LLC, a private local family investor group, in the transaction. Michelle Bothof with BHGRE & Associates represented the buyer.
“This is a trophy, generational asset dating back to the 1940s. The property is desirably located on the corner of two main thoroughfares— Paseo Delicias and La Granada—providing exceptional visibility and accessibility, while its Lilian Rice Spanish Revival architecture offers an iconic Rancho Santa Fe ambiance,” said Curry in the news release. “As an investment, the property provides competitive in-place income from a great tenant base, and with room for further improvement.”
Adams added, “A portion of the land is also unused and includes urban residential zoning, potentially further increasing the use options for the property.” —News release
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