Retail, Mixed-Use Sales Tally $12M

Garcia represented the buyer of the mixed-use retail and office property, a California-based private investment group, which acquired the asset from another privately held investment entity. Garcia notes that the property, which is situated on approximately 40,120 sf of land, is located near the 121-acre oceanfront Headlands development.

The Headlands project consists of a new hotel, oceanfront homes and a retail center along the Dana Point coast. The project is off the Interstate 5 and Pacific Coast Highway.

In the San Marcos transaction, a private investor bought the 72,908-sf Palomar Plaza at 700-762 South Rancho Santa Fe Rd. from another private investor for $6.1 million, with Scott Hook and John Nguyen of the Newport Beach office of Marcus & Millichap brokering the deal on behalf of the seller. Hook also represented the buyer. The 72,908-sf center, which the seller had owned since 1978, is anchored by a CVS Pharmacy and a Citibank branch.

The Dana Point deal is the second property involving mixed uses to trade in the seaside community in recent weeks. In the other recent deal, DBN Development of Laguna Hills acquired a property for a mixed-use retail and residential project that will be one of the first developments at the recently approved Dana Point Town Center. The Laguna Hills-based company's new project will be developed at the site of an existing motel at Pacific Coast Highway and Ruby Lantern.

The DBN project will feature 22 residences and more than 12,000 sf of retail space, plus a third-floor patio, restaurant and bar space. The DBN development and other projects envisioned by local officials are being designed to create a downtown area that will ultimately feature an array of retail, restaurant and residential options along a pedestrian oriented one-mile stretch of the coastal South Orange County city.