### Encinitas Retail Property to Convert from Leases to Commercial Condos
Cushman & Wakefield facilitated the acquisition of The Lofts at Moonlight Beach, a mixed-use retail and commercial property located at 90 N Coast Highway 101 in Encinitas. The property, comprising 13 commercial units totaling 13,211 square feet, sold for $10.05 million.
The buyer, USA Properties, Inc., is a real estate investment company led by Michel Kucinski. Cushman & Wakefield’s Private Capital Group in San Diego, represented by Peter Curry, Owen Curry, and Brooks Campbell, assisted USA Properties in the transaction. The seller, Viewpoint Equities Inc., was represented by CBRE’s Joel Wilson, Reg Kobzi, and Michael Peterson.
USA Properties plans to shift the marketing strategy for the 2008-era property by converting the 13 commercial units from a for-lease model to purchase opportunities.
“We saw an incredible opportunity to purchase this quality commercial condominium project and then break apart the units, offering them to the current tenants to purchase their own condo unit. Michel believed strongly in this plan and our team’s execution,” said Peter Curry.
