February 21, 2024
4179 Adams Ave. in Kensington. Picture credit score: Courtesy, Marcus & Millichap

Plaza Kensington, a 3,388-square-foot retail strip on Adams Avenue, has offered for $2.38 million, an actual property agency introduced.

“A transaction like this exhibits that high-demand, low-velocity markets like Kensington may have many consumers even when the retail market generally has slowed,” mentioned Nick Totah, senior vice chairman investments with the Totah Group in Marcus & Millichap’s San Diego Downtown workplace.

Totah and Ross Sanchez, senior funding affiliate for the Totah Group, represented the vendor, Scott Owen of Kensington Workplace Leases. The property was in the marketplace for 5 days and a full worth supply was accepted.

The client, Paul Kasawdish of Kasawdish Property Holdings, LLC, was additionally procured by Totah and Sanchez.

“The client operates Clem’s Bottle Home throughout the road,” Totah mentioned of the retailer, “and this made a perfect, long-term alternative to amass. He plans to lease up the property short-term and ultimately transfer his enterprise into the property,” mentioned Totah.

Plaza Kensington, 4179 Adams Ave., was in-built 1961. Three out of the 4 suites are presently leased; they embrace a sushi restaurant, barber store and a spa.

Marcus & Millichap (NYSE: MMI), a industrial actual property brokerage agency, focuses on funding gross sales, financing, analysis and advisory providers,