SAN DIEGO—CBRE San Diego arranged the sale of The Lofts at Moonlight Beach, a newly constructed, 40,709-square-foot Class A mixed-use project in Encinitas. Located at 90 North Coast Highway 101, the property was acquired by two separate legal entities: the residential component was acquired by MB Lofts, LLC and the retail component was acquired by Equity Two Properties, LLC.
The seller was receiver Gregg Williams of Trident Pacific Real Estate Group. The sales price was undisclosed.
Built in 2008, The Lofts at Moonlight Beach is comprised of two three-story buildings with 15 two-bedroom residential condos totaling 27,498 square feet and 15 retail suites
totaling13,211 square feet. The property is located two blocks from Moonlight Beach and is within walking distance of the Downtown 101 shopping district.
The luxury residential units feature open floor plans with large patios, balconies and expansive ocean views. Each unit is furnished with high-quality finishes including hardwood flooring, custom Italian designed kitchen cabinetry, granite countertops, a Bosch stainless steel appliance package, washer and dryer, recessed can and track lighting, 9-foot ceilings and solid core interior doors.
The retail component has street-level visibility fronting Coast Highway with current tenants Including Curan & Curan Law Offices, Image Salon, Deep Tan, Mosaic Sports Management, The Den, The Insurance Store, Perspectives, Lofty Bean and Matthew Pequignot Legal Services.
Only three retail suites totaling 2,682 square feet are currently available for lease.
Jim Neil, Eric Comer, Reg Kobzi and Joel Wilson of CBRE San Diego arranged the sale on behalf of the seller/receiver, Trident Pacific Real Estate Group. MB Lofts, LLC and Equity Two Properties, LLC were represented by Gregg Seaman as the managing member of both entities.
According to Seaman, The Lofts at Moonlight Beach is an irreplaceable asset.
“With a lack of land available for new development and stringent re-use restrictions in the area, there won’t be another similar project developed in Encinitas in the near future,” Seaman said.