Rare Residential Development Offering in San Diego Accepting New-Age Digital Cryptocurrency

November 13, 2017 – A residential development site in a progressive San Diego neighborhood recently brought to market for sale will be accepting digital cryptocurrency as payment from prospective buyers. Being sold by Sequoian Investments, the rare, undeveloped 2.32-acre site is situated in Greater North Park, one of San Diego’s most popular neighborhoods. Located at 1942 Boundary St., the site can accommodate up to 100 multifamily units or other potential housing density and configuration options. In addition to standard currency, the Seller is accepting either Bitcoin or Ethereum. Alex Pellegrino, Partner of Sequoian Investments, said, “Our strategy in accepting cryptocurrency is to simply offer buyers another means to acquire real estate in a manner that can also be much faster and more efficient than traditional deals.” He added, “Cryptocurrency is an innovative method to accept payment and something we fully understand and wanted to get on board, as we believe it could become more commonplace. And while there is certainly some volatility risk in cryptocurrency, as sellers we’re willing to absorb some of that risk in exchange to reach the widest buyer pool possible that is also secure and fully transparent for them.” Mr. Pellegrino added, “My partner, Alex Favelukis, and I have deep experience in alternative finance through Sequoian Investments. We were actually the first mortgage company to accept Bitcoin for payment back in 2013. Now we are taking on legacy Financial Eco-Systems one industry at a time. The first industry we are tackling is called TripX.com, a payment processing company for the travel industry. We are launching the company this month at the PhocusWright conference in Florida.” Cushman & Wakefield San Diego’s Kevin Nolen, who along with colleagues Tim Winslow and Jason Kimmel are marketing the property for sale, said, “Our client is a real estate investor, syndicator, developer and financier who is making a major push toward blockchain technologies and the digital currency community, which is really a new-age approach. Cryptocurrency is still in its infancy in commercial real estate, and we believe this offering to be one of the first of its kind anywhere. “It’s pretty exciting to be part of this revolutionary marketing strategy and to know that as innovative a place as San Diego is, it could now be among the pioneering markets for cryptocurrency transactions to transpire. In our industry it can often take creativity and ‘thinking outside the box’ to land successful deals, and this definitely fits the creative mold. But whether crypto or standard currency, our job of course is to help secure the right buyer for this property and that is what we intend to do.” According to recent insight on blockchain from Cushman & Wakefield’s The Occupier Edge: Fourth Edition, with the digitization of smart real estate contracts, blockchain could allow for commercial real estate deals to transact in seconds rather than days, weeks or months, and can better facilitate the commercial property sales and/or leasing payment process, once a deal has been concluded. The report also notes that not only will real estate transactions begin to resemble the buying and selling of stocks/commodities with blockchain, but properties in bustling areas could change hands many times a year, many times a month, or even many times a week, depending on the strategy. With regard to this specific investment/development opportunity, Mr. Nolen said, “1942 Boundary St. represents one of North Park’s largest undeveloped vacant lots, which is ready for medium density housing. As one of San Diego’s most popular communities, North Park is a welcoming area for families, surrounded by existing multifamily homes, single family homes, parks and protected open space, with endless opportunities for recreation and relaxation. The property is centrally and ideally located just a short drive to downtown, a stroll to the local shops, and right next to next to Juniper Canyon, a perfect backyard for enjoying nature in amongst San Diego’s urban living.” Also proximate to the property are the San Diego Airport, UC San Diego and Scripps Hospital campuses. Just a short drive away is Old Town Transit Center, a major regional transportation hub, while Interstate 805 and California Highways 15 and 94 are accessible within minutes. Mr. Nolen noted, “Developers are building an average of 80,000 new California homes a year, which falls well below the 180,000 that are needed, per the California Department of Housing and Community Development. The growing San Diego region is among the many areas facing housing challenges and a project such as this could really help benefit this desirable coastal community.” Offers on the property are due by Thursday, November 16 at 5:00 p.m.