Press Releases
Marcus & Millichap Facilitates Sale of Coastal San Clemente Retail Center
June 11, 2025
SAN CLEMENTE, Calif., June 11, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 2727 Via Cascadita, a 24,933-square-foot retail center in San Clemente, California. The property sold for $8.9 million, or $356.95 per square foot, at a 5.39% cap rate.
Tony Azzi and Rabbie Banafsheha of The Azzi Group of Marcus & Millichap exclusively represented the seller, Casual Cascade De, LLC. The buyer, Space Investment Partners, LLC, was procured by Azzi, Banafsheha and Arteen Zahiri, also of The Azzi Group. The team generated more than 20 competitive offers, ultimately securing an all-cash buyer and closing at 99% of the list price in just 21 days. The transaction required the successful navigation of a complex CMBS loan defeasance and layered cash management structure, which was coordinated seamlessly between legal teams, loan servicers and escrow.
“This was a very complicated transaction due to having to navigate the Coastal Commission, working with the city, and managing multiple moving parts simultaneously,” said Banafsheha, first vice president investments. “We’re glad we got the deal done and were able to deliver a great outcome for all parties involved.”
The property sits on a 2.81-acre lot adjacent to the Outlets at San Clemente and near the city’s downtown district. The center is currently anchored by the Department of Motor Vehicles, which occupies more than 32% of the gross leasable area. An adjacent undeveloped portion of the parcel may accommodate 8,000 to 10,000 square feet of future construction, subject to city approval.
Simon Zhang, manager of Casual Cascade De, LLC, added: “I want to thank Tony and Rabbie, for helping me through such a challenging transaction. They handled every step with patience and professionalism. A big thank you as well to Arteen and the entire Azzi Group team for their constant support and follow-through. I appreciate all the hard work and dedication they brought to the table.” This transaction reflects ongoing investor demand for coastal retail assets with long-term upside potential.
Tony Azzi and Rabbie Banafsheha of The Azzi Group of Marcus & Millichap exclusively represented the seller, Casual Cascade De, LLC. The buyer, Space Investment Partners, LLC, was procured by Azzi, Banafsheha and Arteen Zahiri, also of The Azzi Group. The team generated more than 20 competitive offers, ultimately securing an all-cash buyer and closing at 99% of the list price in just 21 days. The transaction required the successful navigation of a complex CMBS loan defeasance and layered cash management structure, which was coordinated seamlessly between legal teams, loan servicers and escrow.
“This was a very complicated transaction due to having to navigate the Coastal Commission, working with the city, and managing multiple moving parts simultaneously,” said Banafsheha, first vice president investments. “We’re glad we got the deal done and were able to deliver a great outcome for all parties involved.”
The property sits on a 2.81-acre lot adjacent to the Outlets at San Clemente and near the city’s downtown district. The center is currently anchored by the Department of Motor Vehicles, which occupies more than 32% of the gross leasable area. An adjacent undeveloped portion of the parcel may accommodate 8,000 to 10,000 square feet of future construction, subject to city approval.
Simon Zhang, manager of Casual Cascade De, LLC, added: “I want to thank Tony and Rabbie, for helping me through such a challenging transaction. They handled every step with patience and professionalism. A big thank you as well to Arteen and the entire Azzi Group team for their constant support and follow-through. I appreciate all the hard work and dedication they brought to the table.” This transaction reflects ongoing investor demand for coastal retail assets with long-term upside potential.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
