Marcus & Millichap arranged the sale of Plaza Kensington, a 3,388-square-foot retail property located in San Diego’s Kensington neighborhood. The sale price was $2,380,000.
“A transaction like this shows that high-demand, low-velocity markets like Kensington will have many buyers even if the retail market in general has slowed,” said Nick Totah, SVP investments with The Totah Group in Marcus & Millichap’s San Diego Downtown office.
Totah and Ross Sanchez, senior investment associate for The Totah Group, marketed the property on behalf of the seller, Scott Owen of Kensington Office Rentals. The property was on the market for a total of five days and a full price offer was accepted.
The buyer, Paul Kasawdish of Kasawdish Property Holdings, LLC, was also procured by Totah and Sanchez. “The buyer operates Clem’s Bottle house across the street, and this made an ideal, long-term opportunity to acquire,” said Totah. “He plans to lease up the property short-term and eventually move his business into the property.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).