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8/13/21
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In a recent OC retail buy, Stos Partners purchased a 4.1k sf retail/restaurant asset in San Clemente in a $1.9 mil ($463/sf) off-market transaction. The property is located at 425 N. El Camino Real, on the west side of I-5 at Avenida Palizada.
During escrow, Stos Partners secured a long-term lease on the entire building with The Alchemists, a successful restaurant group operated by Leonard Chan. According to Jay Boyle, Executive Vice President at Stos Partners, the firm plans to transform the property to maximize value. They believe that their new tenant will be well positioned to capitalize on the retail sector’s recovery with a planned opening in late 2021 or early 2022.
The new restaurant concept - called Mura, which means village in Japanese - will be an upcoming dining destination that offers Japanese Grilled Barbeque and Hot Pot, a proper Tiki Bar with Pan-Pacific bites and a Japanese Whiskey speakeasy bar featuring Temaki and hand rolls. The group’s previous concepts include Shuck Oyster Bar, The Iron Press, Rolling Boil and The Blind Rabbit.
Prior to opening, the firm plans to implement a series of capital upgrades in conjunction with Mura that cover extensive interior and exterior renovations as well as long-term capital improvements to the building including new roof, mechanical systems, and grease traps.
Nathan Holthouser of Coastal Commercial represented Stos Partners in the transaction.
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