**San Clemente Retail Center Sells for $8.9M in Complex Deal**
Marcus & Millichap has successfully arranged the sale of a 24,933-square-foot retail center located at 2727 Via Cascadita in San Clemente. The property was sold for $8.9 million, equating to roughly $356.95 per square foot, and closed at a 5.39% capitalization rate.
The seller, Casual Cascade De, LLC, was represented by Tony Azzi and Rabbie Banafsheha of The Azzi Group at Marcus & Millichap. The buyer, Space Investment Partners, LLC, was secured by the same team, with contributions from Arteen Zahiri, also of The Azzi Group.
The transaction drew significant interest, generating over 20 competitive offers. The team ultimately closed the all-cash deal at 99% of the list price within just 21 days. The closing process involved navigating a complex CMBS loan defeasance and a layered cash management structure.
“This was a very complicated transaction due to having to navigate the Coastal Commission, working with the city, and managing multiple moving parts simultaneously,” said Rabbie Banafsheha. “We’re glad we got the deal done and were able to deliver a great outcome for all parties involved.”
