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3/31/23
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A mixed-use project in downtown Rancho Santa Fe sold for $11.2 mil. The project, located at 6106-6108 Paseo Delicias and 6012-6016 La Granada, about eight miles east of Encinitas in San Diego County, consists of 11.9k sf ($941/sf) of space across 0.35 acres of land.
The buyer was TIPP Investments, an entity controlled by Grand Restaurant Group, which operates Nick & G’s Restaurant, the existing anchor occupant of the project. A portion of the land is unused and includes urban residential zoning, potentially further increasing the value of the property.
Cushman & Wakefield’s Peter Curry, Brooks Campbell and Chad Iafrate, along with Ray Adams of Kidder Matthews, represented the seller, Millar Properties LLC, a private local family investor group, in the transaction. Michelle Bothof with BHGRE & Associates repped the buyer.
“This is a trophy, generational asset dating back to the 1940s. The property is desirably located on the corner of two main thoroughfares— Paseo Delicias and La Granada—providing exceptional visibility and accessibility, while its Lilian Rice Spanish Revival architecture offers an iconic Rancho Santa Fe ambiance,” said Curry. “As an investment, the property provides competitive in-place income from a great tenant base, and with room for further improvement.”
Rancho Santa Fe is well-known for its outdoor leisure, quaint village charm and tranquil atmosphere, featuring a vast network of walking and riding trails, golf course, tennis club, athletic fields and extensive amenities. It is a short drive to San Diego, Encinitas, and major employment centers.
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