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San Diego-based RAF Pacifica Group acquired the 39,000-square-foot retail portion of Pacific Station, a 100,000-square-foot mixed-use asset encompassing residential, office and retail space, in Encinitas, CA from Loja Retail Partners for $24 million. The retail center is currently occupied by high-quality national tenants, including Amazon, Whole Foods, and Wells Fargo.
RAF Pacifica Group’s Adam Robinson says, “This acquisition is demonstrative of our approach to diversify our portfolio beyond creative industrial and office, and branch out into other product types including mixed-use, retail and multifamily.”
The retail center was acquired at a significant discount to replacement cost, further adding to its long-term value and appeal, notes Robinson. RAF Pacifica Group plans to hold the retail asset long-term.
Retail Insite’s Matt Moser represented RAF Pacifica, as well as the seller in this off-market transaction.
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
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