CBRE Facilitates $12.6 Million Sale and Financing of Prime Ocean Beach Retail Property in San Diego

CBRE facilitated the $12.6 million sale and arranged the financing of a retail property located at 4840 Niagara Avenue in San Diego’s Ocean Beach neighborhood.

CBRE’s Reg Kobzi, Michael Peterson, Nate Pepper, Rachel Parsons and Kenji Thomas represented the seller and Conor Brennan, also with CBRE, represented the buyer in the transaction, while Scott Peterson and Brian Cruz with CBRE’s Debt & Structured Finance practice arranged the financing.

“This transaction underscores the enduring appeal and scarcity of well-located, parking-rich retail assets in San Diego’s coastal communities,” said Kobzi, senior vice president at CBRE. “Big-box retail opportunities like this former Rite Aid with on-site parking in Ocean Beach are extremely rare, reflecting strong investor confidence in the area’s fundamentals and tenant demand.”

Situated on a 1.66-acre site at the high-traffic intersection of Sunset Cliffs Boulevard and Niagara Avenue, just two blocks from the Pacific Ocean and the Ocean Beach Pier, the 20,155-square-foot retail building offers exceptional visibility and accessibility in a vibrant coastal community.

“This was a highly competitive transaction, and we were pleased to deliver a tailored financing solution that aligned with the buyer’s long-term vision for the property,” said Peterson, vice chairman at CBRE. “Our ability to secure favorable terms reflects strong lender confidence in San Diego’s coastal retail market and the strength of this asset.”

The site also benefits from its location within the Complete Communities Housing Solutions zoning overlay, allowing for high-density multifamily development and mixed-use opportunities. Its proximity to major employment centers in downtown San Diego, Mission Valley, and the growing life sciences and technology hubs along the Interstate 5 (I-5) and I-8 corridors further enhances its strategic value.