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3/05/26
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Los Angeles-based Optimus Properties LLC has purchased the Laurel Street Retail Portfolio, a three-building, non-contiguous street retail portfolio located in the heart of Downtown San Carlos, for $5.25 mil ($525/sf). The 10k sf portfolio is occupied by a mix of local retailers and service-oriented tenants.
The buildings are located at 625-629 Laurel St (3.2k sf), 641-645 Laurel St (3.3k sf) and 653-657 Laurel St (3.4k sf), at the southwest corner of San Carlos Ave and El Camino Real in the city’s primary retail corridor.
The immediate area is characterized by strong foot traffic, high-end dining, boutique retail, and direct access to public transit. For Optimus, the acquisition boosts the firm’s presence on the San Francisco Peninsula and reflects the firm’s continued focus on acquiring infill, walkable street retail in supply-constrained, high-income submarkets.
“This acquisition aligns perfectly with our strategy of purchasing irreplaceable street retail at a compelling basis and executing a hands-on, value-add business plan. The 600 block of Laurel Street is one of the most desirable retail corridors on the Peninsula. This is exactly the type of deal we look for—high-quality real estate with multiple paths to value creation.” said Kamyar Shabani, Co-Founder and Principal at Optimus Properties, LLC.
San Carlos continues to benefit from strong demographics and long-term economic tailwinds driven by its proximity to major employment centers throughout Silicon Valley and the Peninsula. The city is also experiencing ongoing revitalization supported by public infrastructure investment, private development, and the Downtown San Carlos Specific Plan, which prioritizes pedestrian connectivity between the Caltrain Station and Laurel Street through streetscape and plaza improvements.
Median household income within a one-mile radius exceeds $206k. San Carlos ranks as the 7th most affluent suburb in California and the 16th wealthiest suburb in the US. In particular, Optimus has been looking to invest outside of the City of Los Angeles given the local government’s increasing incompetence.
“We’re excited to bring additional capital and active management to the portfolio and contribute to the continued evolution of Downtown San Carlos. This deal is reminiscent of a four property portfolio we had bought in Carmel-by-the-Sea several years ago, which we renovated and re-tenanted” added K. Joseph Shabani, co-founder and Principal at Optimus Properties. The deal was sourced by Partner and Director of Acquisitions, Jesse Liu.
Optimus Properties continues to focus on strategic acquisitions throughout the West Coast, targeting value-add and opportunistic assets across retail, multifamily, industrial, and mixed-use product types. The company recently expanded its retail portfolio with the purchase of a property at 301-343 Glendale Blvd. Other notable acquisitions include a UCI Health-anchored strip center at 18601-18653 Yorba Linda Blvd and a Hollywood retail property at 5214-5232 W. Sunset Blvd, which is located next to their existing mixed-use building at 1501 W. Sunset Blvd.
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