CARMEL — The Carmel Rancho II shopping center located at the mouth of Carmel Valley has sold for $13.55 million to a private capital buyer from San Francisco, according to Cushman & Wakefield commercial real estate services company in Monterey.

The seller was the Beeman Family Trust, which had owned the property since it was built in 1959 and, according to the Monterey County Assessor’s Office, the buyers are Vincent and Grace Chin from San Francisco, who sold an apartment building there to pay for the shopping center. Escrow closed mid-June.

Carmel Rancho II shopping center is adjacent to a Lucky Supermarket, which is not part of the sale. It has 44,676 square feet of retail space anchored by BevMo and is home to businesses including In-Shape Fitness Center, Carmel Bicycle, Tru-Cuts, Bagel Bakery and Mountain Mike’s Pizza and was 98% leased at the time of sale. The new owner plans to renovate the property in 2020.

Carmel Rancho I, which is owned by Prim Family Partnership, sits across the street from the recently sold property where Prim’s Carmel General Store and other businesses are located but were not part of the sale.

Michael Schoeder, managing principal of Cushman & Wakefield’s Central Coast office, described the property as “an irreplaceable investment that comes along for sale in the Carmel area once every 25 years.” He said it has delivered a highly stable and high-quality income stream to its owners and is in a unique position to continue in that vein “due to the almost insurmountable barriers-of-entry to develop new competition.”

Schoeder and Josh Jones of Cushman & Wakefield Monterey together with Dan Wald of the firm’s retail investment advisors group in San Francisco, represented the seller in the transaction.