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SOUTHERN CALIFORNIA NEWS
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Solana Beach Retail Building Sells for $440/sf Through Ten-X Online Marketplace

8/22/16

A fully occupied, 21.1k sf retail building in Solana Beach recently traded hands in a transaction valued at $10.425 mil ($494/sf). The property, located at 240 South Cedros Ave, was sold through Ten-X the leading online real estate marketplace.

The property, a popular shopping destination that is home to the Leaping Lotus marketplace, was purchased by Solana Beach-based Trilogy Investment Group. A partnership of local investors sold the asset.

Ten-X’s Patrick Walker teamed with John Jennings of Newmark Grubb Knight Frank to market and transact 240 South Cedros on Ten-X’s newly launched Offer Select transaction method. Offer Select takes the traditional real estate transaction process and couples it with world class technology to reach vetted buyers from around the globe and streamline execution. Offer Select empowers sellers and their brokers with the flexibility to negotiate multiple terms with multiple buyers entirely online.

This is the second recent San Diego-area retail asset to close via Ten-X Offer Select. Ten-X also closed escrow on a 1.9k sf, NNN-leased Del Taco restaurant in Vista for $1.936 mil. Ten-X teamed with Capital Real Estate Ventures’ Brandon Trevellyan on the deal.

240 South Cedros’ new owner will continue operating Leaping Lotus and will expand the property with high-end retail and tech office users. The well-known, two-story building features rooftop parking — a premium feature in the Cedros Design District.





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