Marcus & Millichap arranged the sale of Plaza Kensington, a 3,388-square-foot retail property located in San Diego’s Kensington neighborhood. The sale price was $2,380,000.
“A transaction like this shows that high-demand, low-velocity markets like Kensington will have many buyers even if the retail market in general has slowed,” said Nick Totah, SVP investments with The Totah Group in Marcus & Millichap’s San Diego Downtown office.
Totah and Ross Sanchez, senior investment associate for The Totah Group, marketed the property on behalf of the seller, Scott Owen of Kensington Office Rentals. The property was on the market for a total of five days and a full price offer was accepted.
The buyer, Paul Kasawdish of Kasawdish Property Holdings, LLC, was also procured by Totah and Sanchez. “The buyer operates Clem’s Bottle house across the street, and this made an ideal, long-term opportunity to acquire,” said Totah. “He plans to lease up the property short-term and eventually move his business into the property.”