SAN DIEGO, Calif. – Aug. 16, 2016 – Ten-X, the nation’s leading online real estate marketplace, announces the close of escrow on 240 South Cedros Avenue, a fully occupied, 21,144-square-foot retail building in Solana Beach, Calif., that sold for $10.425 million. The property, a popular shopping destination home to the iconic Leaping Lotus marketplace, was purchased by Solana Beach-based Trilogy Investment Group. A partnership of local investors sold the asset.
Ten-X’s Patrick Walker teamed with John Jennings of Newmark Grubb Knight Frank to market and transact 240 South Cedros on Ten-X’s newly launched Offer Select transaction method. Offer Select takes the traditional real estate transaction process and couples it with world class technology to reach vetted buyers from around the globe and streamline execution. Offer Select empowers sellers and their brokers with the flexibility to negotiate multiple terms with multiple buyers entirely online.
“Offer Select provided the ideal method to transact and close on 240 South Cedros, a marquee asset in the upscale and eclectic Cedros Design District,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “240 South Cedros is in a high-barrier-to-entry market with an exceptional location and landmark tenant. It is indicative of the high-quality assets real estate investors can find on Ten-X, and shows the success we’re seeing with Offer Select as Ten-X evolves beyond being an auction-only transaction vehicle.”
This is the second recent San Diego-area retail asset to close via Ten-X Offer Select. Ten-X also closed escrow on a 1,865-square-foot, triple-net leased (NNN) Del Taco restaurant in Vista, Calif., for $1.936 million. Ten-X teamed with Capital Real Estate Ventures’ Brandon Trevellyan on the deal.
240 South Cedros’ new owner will continue operating Leaping Lotus and will expand the property with high-end retail and tech office users. The well-known, two-story building features rooftop parking — a premium feature in the Cedros Design District.
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Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 200,000+ residential and commercial properties totaling nearly $39 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.