MONTEREY, Calif., March 2, 2020– Cushman & Wakefield today announced the firm has brokered the sale of a two-property portfolio in downtown Carmel (Monterey County), California. Wheat, LLC acquired the portfolio consisting of mixed-use and retail properties from Optimus Properties, LLC for a total price of $11,030,000. Michael Schoeder with Cushman & Wakefield’s Central Coast Operations, in collaboration with Dan Wald and Don LeBuhn of the firm’s Retail Investment Advisors Group in San Francisco, represented the seller.
The portfolio comprises two buildings totaling a combined 7,108 square feet of gross leasable area. Block 71: Lot 5 is a mixed-use building of 4,345 sf that extends from Ocean Avenue to 6th Avenue between San Carlos and Dolores streets. Its high-profile retail suite fronts the famed Ocean Avenue, Carmel’s most prominent street, while its ground floor office suite and two second floor residential units are accessed from 6th Avenue. Block 76: Lot 11 is a retail building with 2,763 sf located on Dolores Street between Ocean Avenue and 7th Avenue—situated just off Ocean Avenue. Both properties benefit from their proximity to Carmel’s many retail landmarks and restaurants.
Michael Schoeder, Managing Principal, stated, “This was an extremely rare market opportunity to acquire two trophy assets ideally positioned in the heart of Carmel-by-the-Sea’s downtown shopping district. Downtown Carmel, centered on Ocean Avenue, presents almost-insurmountable barriers to entry for new competitive retail supply. Not only is the development of new buildings limited by zoning, political sentiment and water restrictions, but specific uses are grandfathered into existing properties.”
He added, “The Ocean Avenue retail district stretches over one mile to the west, towards Carmel Beach. The beach areas have been kept from commercial enterprises, and nearly all commercial uses revolve around the Ocean Avenue corridor, consisting of retail, office, and hospitality.”
Dan Wald, Executive Managing Director, added, “A Top 10 U.S. tourist destination, travelers, including golfers, from around the world remain highly attracted to Carmel and the Monterey Peninsula and invariably visit downtown Carmel to shop, eat and experience its unique charm and attractions. Added to this dependable and growing demand, local residents of the nearby communities frequent the Ocean Avenue shopping district to shop, dine and visit Carmel’s world-famous beach.”
Carmel is located on the Pacific coast of Central California in Monterey County, situated 120 miles south of San Francisco, 70 miles south of San Jose, 350 miles north of Los Angeles, and 26 miles north of Big Sur. Carmel is one of several suburban bedroom communities that surround the Monterey Bay. The city lies along the westerly side of Highway 1, the major commuter route to the employment centers of Monterey Bay.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.