Four Property Trophy Retail Portfolio Purchased by Optimus Properties, LLC in Carmel-by-the-Sea, California

LOS ANGELES, June 1, 2015 /PRNewswire/ -- Optimus Properties, LLC is very proud to announce the purchase of a four property portfolio located in Carmel-by-the-Sea, California.  Two of the properties are located on Ocean Avenue and two are located on Delores Street.  The portfolio was purchased from a long term owner and will require some work and TLC according to Joseph Shabani, one of the principals of Optimus Properties, LLC. 

Three of the properties consist of street front retail and the fourth consists of street front retail with two cozy apartment units sitting on the second floor.  The portfolio consists of approximately 23,000 square feet of leasable space.  Carmel is a world renowned city and is rated a top-10 destination in the U.S. year after year.  Carmel is an amazing, European-style village nestled above a picturesque white-sand beach.

"We have made some very strong retail purchases recently and look forward to the challenge of stabilizing these assets that have been held by a family trust for over four decades.  We will have some short term vacancies but the Carmel business district basically has a 100% occupancy rate and I am sure we will find suitable tenants that will complement the area very quickly.  Even prior to closing the escrow, we had 8 offers on one space at rents that exceeded our proforma," says Joseph Shabani.  

"Owning one property in Carmel is a once in a lifetime opportunity, let alone owning four properties there.  This was a unique opportunity we didn't want to pass up," says Kamyar Shabani, a principal of Optimus.

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 multifamily and retail properties.

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SOURCE Optimus Properties, LLC