CARMEL, Calif., Feb. 13, 2020 /PRNewswire/ — Optimus Properties, LLC, through an affiliate, has completed the sale of the last two retail storefronts which it purchased as part of a larger portfolio in June of 2015. Since acquisition, Optimus Properties has renovated and leased the two properties with all new NNN tenants as well as renovated and leased the two vacant apartment units on the second floor, resulting in an estimated 57% annual return to their investors. Since acquisition, Carmel-by-the-Sea has increasingly attracted high-income tourists, golfers and travelers from around the country and the world. Carmel and the Monterey Peninsula are havens for shopping, eating and experiencing the unique charm of coastal Southern California. The two-building portfolio has a combined leasable area of 7,108 retail square feet with two residential units located off Ocean Avenue and Delores Street. The sale yielded a price in excess of $1,450 per foot.
K. Joseph Shabani, one of the principals of Optimus, stated, “This was a unique opportunity which we felt was, and still is, undervalued.” He added, “We are happy with the increasing attractiveness of Carmel and hope to invest in the market in the near future.” Currently, the building tenants are Compass Real Estate, Olivier Napa Valley, Royal Bee cosmetics and All About the Chocolate. Optimus Properties was represented by Michael Schoeder of Cushman & Wakefield in the sale. Kamyar Shabani stated, “The sale allows Optimus to continue its expansion and find more value-add and larger deals for better returns for its investors.”
Optimus Properties, LLC, located in Los Angeles, California, was founded by Kamyar Shabani and K. Joseph Shabani and employs a disciplined investment approach focused on value creation in office, retail, office and medical office properties throughout Los Angeles, New Mexico and Washington.