The once-dilapidated mixed-use commercial building at 3864 Mission Blvd. in Mission Beach has been sold for $1.19 million. The Franco Realty Group represented the buyer on the transaction. The property includes roughly 1,500 square feet of downstairs retail space and an upstairs one- bedroom, one-bathroom apartment with access to a large rooftop patio deck. The building once bore earmarks of deferred maintenance and sat vacant for a couple years, recently undergoing extensive renovations. The property features an outside wood patio and seating area and a modernized interior with wood beams, high ceilings and new flooring throughout. Furthermore, the building has recently been approved by the California Coastal Commission for adding two bedrooms and two baths.
The buyer paid cash, with a quick close of escrow. The buyer is Canadian investor Elena Savella, and The Franco Realty Group was given the task of finding a tenant to lease the downstairs retail space. Within a week, the group found a qualified tenant, who plans on opening another boutique clothing store called “Lane’s Collective” – a clothing store that carries trendy and contemporary men’s and women’s apparel as well as custom jewelry, accessories, handbags, shoes and more. Savella also purchased the commercial real estate located at 1146-1148 Garnet Ave., which has two retail stores and one 2,200-square-foot residential apartment in the back. Savella and her team, which the Franco group also represented on the Garnet property, have spearheaded extensive renovation on the apartment.
For more information regarding the sale or leased portion of the transaction, call The Franco Realty Group at (858) 717-1697.