Investment sales

San Clemente, Calif. — Marcus & Millichap has brokered the $8.9 million sale of 2727 Via Cascadita, a 24,933-square-foot retail center located in San Clemente. The California Department of Motor Vehicles anchors the property, occupying more than 32 percent of the center. An adjacent undeveloped portion of the parcel is also available for up to 10,000 square feet of future construction. Situated near the Outlets at San Clemente, the center sits on 2.8 acres. Tony Azzi and Rabbie Banafsheha of The Azzi Group, a division of Marcus & Millichap, represented …

Santa Monica, Calif. — A joint venture between Tova Capital and Shopton Capital has acquired a 7,500-square-foot freestanding retail building in downtown Santa Monica for $5.5 million. Situated at the intersection of Wilshire and Lincoln Boulevards, the single-story building sits on a 15,000-square-foot corner lot. The joint venture plans to renovate the property — which was originally developed in 1981 — with a new storefront, exterior enhancements, lighting upgrades and refreshed paint. The property was 40 percent leased to Commercial Bank of California at the time of sale. Luc Hawkshaw, …