January 16, 2020 – RPG, a San Diego-based owner, operator, and developer of high-quality commercial real estate, has expanded its portfolio of creative and value-add assets in Northern San Diego County with the acquisition of an office building at Pacific Station in Encinitas, where the firm currently owns a large retail and restaurant section of the 100,000 square-foot mixed use center.
RPG previously acquired the 39,000 square-foot retail and restaurant portion of Pacific Station in 2018. The company now owns all the commercial space in the mixed-use office, retail and residential center.
“The acquisition of this office building is directly in line with our ongoing strategy of owning well-located, modern, creative, and value-add assets,” says Adam Robinson, Founder and President of RPG. “Because the office space is adjacent to additional assets already owned by our firm, including our new company headquarters, we are aware of the strengths and appeal of the location.”
In 2019, RPG transformed 4,010 square feet of restaurant space in Pacific Station into an innovative coworking space that also serves as the firm’s new headquarters. Tenants at the new coworking location have full access to RPG’s hospitality-like amenities.
“We live in Encinitas and we are here to stay,” says Robinson. “By establishing our headquarters right in the heart of this city we love, we are demonstrating our belief in the strength and health of the market and we will continue to invest in the community by acquiring well-positioned assets such as the office building at Pacific Station.”
The office is ideally situated in a walkable, community-focused environment with access to high-quality retail and dining options within Pacific Station and the surrounding downtown Encinitas offerings.
According to Robinson, four of the five office spaces within the newly acquired building are currently leased to health care, real estate and technology tenants. RPG plans to implement improvements to the offices, as well as lease the last available square-footage in the building.
“RPG’s growing portfolio of office and mixed-use assets in the North San Diego market are performing well because the area continues to attract people who want to live, work and play in an inspiring environment,” says Robinson. In 2019, the firm acquired six properties in the area, including fu•sion, a 121,541 square-foot modern office/Industrial building with the largest amenity space in Carlsbad for a product of its type; as well as Avenida Crossing, a newly renovated, multi-tenant contemporary creative office campus.
RPG is positioned to deliver a full slate of projects in their home base of Encinitas in 2020, including the rebranding of the Encinitas boxing gym to the Encinitas Wellness Center as well as entitlements for a mixed-use project on the BMW Encinitas site owned by the firm. In 2020, RPG is also renovating an 11-unit Leucadia apartment complex and is currently in the entitlement phase on an additional mixed-use project in Leucadia.
RPG’s newly acquired office space is located at 687 South Coast Hwy 101 in Encinitas, California.
Peter Curry at Cushman & Wakefield represented RAF Pacifica Group as the broker in the $5.9 million acquisition of the 9,733 square-foot property.