Patrick Wilkinson recently represented the Buyers on the purchase of 1733 - 1753 Ramona Ave., 16 unit apartment complex in Grover Beach. Originally listed for $3.25M, the property sold for $2.95M to an asset management company out of Laguna Hills. The property presented a value-add opportunity for the Buyers as there was significant deferred maintenance and under-market rents.
Patrick Wilkinson recently completed the sale of 127 Agnes Ave., a 13 unit apartment complex in Santa Maria. Originally listed for $1.95M, the property sold for $1.86M to an asset management company out of Westlake Village. Patrick represented the Seller in this transaction.
West End Bar and Grill is located in the heart of West Village Cambria, conveniently located close to Moonstone Beach Lodging and Hearst Castle. It is 1 of 6 businesses in Cambria that have a type 47 liquor license.
West End features an outside patio that is dog friendly, a full bar with 15 beers on draft, 25 bottled beers, over 20 house and select wines, and the Best Bloody Mary on the Central Coast. Five 40” HD TVs with NFL, NHL, MLB DirecTV sports packages and free WiFi offer plenty of
entertainment.
The restaurant has a loyal local following along with a steady flow of tourist customers. The property and restaurant are to be sold together giving the new owner full control of the property. Within the last 4 years many upgrades have been made. For more information contact the listing agent.
Duplex with additional detached studio located in Oceano just off Highway 1. Property is located in close proximity to the Oceano Dunes entrance and downtown Oceano. The property is comprised of a 17,000 square foot lot with 3 residential units. The unit mix consists of a 1,200 sf duplex with a 1 bedroom/ 1 bath and a 2 bedroom/ 1 bath unit. A detached Studio is located behind the duplex. All units are at below market rents which will allow for rent growth over the coming years.
Located on South 4th Street, this property is zoned Commercial Service and resides within Oceano’s Urban Reserve Line allowing for Cannabis uses per SLO County Cannabis Ordinance. With close proximity to the beach this property makes for a great income producing property with lots of outdoor storage space for sand toys , RV’s or your business equipment.
Grover Beach is small beachside community of approximately 13,300 residents located in San Luis Obispo County just south of Pismo Beach. Grover Beach is a bedroom community with one of the only Industrial zones on San Luis Obispo’s south coast. Grover Beach is also THE ONLY municipality that allows all Cannabis Uses: manufacturing, cultivation, dispensing, distributing and testing. Cannabis uses do require a Use Permit from the City of Grover Beach. Go to www.grover.org to learn more.
750 Farroll - Two commercial condos located on Farroll Road for Lease with an Option to Purchase. The condos are in Grover Beach’s Commercial Cannabis Zone. The corner suites include a roll up door for secure loading and unloading, 200 amps per suite and high visibility, corner location.
881 S 4th Street - Mixed use building with approximately 1000 sf of warehouse space and 944 sf of residential with two roll up doors for lease. An option to buy may also be included. The residential area can be converted into more warehouse space. The property is located in Grover Beach’s Commercial Cannabis Zone, which allows manufacturing, distribution and cultivation uses, in addition to, typical light industrial uses.
Historic downtown mixed use building located in the heart of Guadalupe, California. The building underwent a full remodel and seismic retrofit in 2011-2012. There are two main levels each 3,000 SF along with a mezzanine and basement.
The primary level was once a dance club and still retains a ticket booth, large open dance floor, a bar with a large wine barrel/refrigerator and 2 renovated ADA bathrooms. The walls in the main floor have sound board installed to mitigate sound noise.
There are two mezzanines, one at the front of the building the other at the rear. The front mezz houses a sound studio while the rear mezz is a fully functional one bedroom, one bath apartment. The 2nd floor is a renovated living quarters full of original wood and architectural features. Use as is or split into several living quarters.
Lastly there is a partially finished basement giving the property an additional 3,000 SF of usable space. At the rear of the property is a small backyard for outdoor events or private parking.
Large 5.88 Acre, Industrial Zoned vacant parcel located on the Arroyo Grande Mesa. The parcel has water rights via Weso Water and Property Co, a mutual water company, that services six parcels located on or near Precision Drive. There are three wells that feed Weso Water along with a 60,000 gallon water tank which is located on this parcel.
Perfect lot for building one large warehouse or subdivide and develop into several lots. Property is located next to Fluid Resource Management which is currently expanding its footprint on Precision Drive. Just south Zoo Med has plans to expand and build an additional 140,000 sf in two Phases (70,000 sf each phase) Property is north/east of Hwy 1 and thus NOT in the coastal zone. Precision Drive is gated at Winterhaven Way allowing for a private and secure development.
CCG recently Leased a 3,000SF freestanding industrial warehouse in Grover Beach for $2.50/SF NNN. Patrick Wilkinson of CCG represented the Tenant and Tim Gayda represented the Landlord in the transaction. This is Patrick's 6th transaction in Grover Beach in the last six month's. Grover Beach's industrial space is a popular spot as cannabis is legal and cannabis businesses are vying for space. If you are looking for space in SLO County, call or text Patrick Wilkinson at 805.234.3722
CCG recently Leased a 2,160SF commercial condo in Grover Beach for $2.50/SF NNN. Patrick Wilkinson of CCG represented both the Landlord and Tenant in the transaction. This is Patrick's 5th transaction in Grover Beach in the last six month's. Now that both adult use and recreational cannabis sales are allowed in California, cannabis businesses are scrambling to find space. Grover Beach remains one of the few on California's Central Coast to approve cannabis uses. If you are looking for space in SLO county for your cannabis business, contact Patrick today. 805-234-3722
Central Commercial Group is excited to bring on Craig Losee to the team. Craig has almost 20 years in commercial real estate experience on the central coast and has closed in excess of $250,000,000 in transactions over his career. With a focus on vacant land, mixed use development and commercial real estate investment sales, Craig is excited to join the team and grow his book of business.
To learn more about Craig click the Bio link below.
Commercial Condo in the heart of Grover Beach's industrial zone is for sale or lease. Address is 930 Huber St, Suite A and the asking price is $699,000 for sale OR $2.50/sf NNN for lease. Uses include but are not limited to light manufacturing, warehousing and Cannabis. Grover Beach is one of the few cities in SLO County that are currently allowing cannabis uses and is the only city to allow all uses including, dispensary, cultivation, manufacturing, distribution and testing. If you are interested in learning more please visit our Listings Page or download the Listing Flyer.
Central Commercial group is proud to have helped The Hive Laboratory in the leasing of their first warehouse space. Located at 949 Highland Way in Grover Beach, the 3000sf building was leased for 5 years with an Option to Purchase after 2 years. Patrick Wilkinson of Central Commercial Group represented the Tenant and Tim Gayda of Cornerstone Real Estate represented the Landlord.
With the passage Measure L, Grover Beach's marijuana tax, there has triggered a wave of interest into Grover Beach's Industrial zones. Optimism among cannabis cultivators and manufacturers has driven price points for warehouse space up two and three times what they were selling for just a year earlier. The same has happened for lease rates where the average lease rate was $1.00/sf gross in 2016, lease rates for cannabis businesses are $2.00-$3.00/sf NNN. This has caused a flurry of both positive and negative effects which we will most likely not see the full outcome of until the market settles, potentially in 2018 when the state of California's Prop 64 goes into full effect.
The positive effects are the increase in property values. Grover Beach has long been an area in which you could purchase property for less than surrounding communities, especially in the industrial zones. There is a lot of vacant land which will be purchased and developed, some of which has been on the market for over 15 years! Prior to the passage of Measure L it was cheaper to buy an old beat up warehouse and remodel then it was to build new. Now the tables have turned and it will drive new construction. This in turn will drive up residential and commercial property values up as well, especially since the city will see an increase in revenue which will help with infrastructure costs, such as repaving streets, street lights and security cameras throughout the city.
The negative effects are the displacement of local businesses and the increase in property values/lease rates. Many businesses will be priced out of the area or leases not renewed to make way for higher paying tenants (i.e. cannabis businesses). If you've had the chance to sit through one of the city council meetings you will see firsthand who is being effected by this new ordinance. You also see the property owners who have had their properties for 40 years, be able to list and sell their properties for impressive sale amounts and then retire.
Anytime a new market emerges there are winners and losers....everytime. This is the capitalistic economy we live in. We can only hope there are more winners than losers during the course of this new economy and I hope the City of Grover Beach is able to create an economically viable community.
Should you have any questions or concerns regarding Real Estate for commercial cannabis, feel free to call, text or email me.
Patrick Wilkinson
Sales Associate
805.234.3722
DRE# 01999527
Stenner Glen, a 113-unit, 500+ bed, student housing complex near Cal Poly in San Luis Obispo, changed hands for a reported $22 million and received a much needed facelift, rebranding as The SLO.
The San Luis Obispo County multifamily market, much like the rest of California, has been on a bullish run the past several years and 2016 was no different. County Year over year Multifamily Price Per Unit (PPU) pushed over 8% higher than 2015. This occurred in both the North County (8.1% YOY growth) and South County of San Luis Obispo (8.1% YOY growth). Gross Rent Multiplier (GRM) also pushed higher in both portions of the county, however the North county saw significantly more gains than South County as the city of San Luis Obispo experienced a soft 2016.
Another metric that reinforced positive gains was the continued drop of cap rates reaching 4.58% for the County in 2016, down from 4.86% in 2014. Although total sales volume dropped between 2015 and 2016, it was directly related to one transaction, the sale of.....
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Central Commercial Group, a San Luis Obispo Commercial Real Estate Firm, specializes in the sales and leasing of retail, office, industrial, land, multifamily and hospitality properties.
Central Commercial Group, Inc.
3450 Broad St., Suite 101
San Luis Obispo, CA 93401
Phone: 805-548-8686
info@centralcommercialgroup.com
