By Ariela Moraru
BeachWalk, a 54,973-square-foot coastal retail center in Solana Beach, Calif., sold for $33.3 million. CBRE’s retail investment experts John Read, Philip Voorhees, Jimmy Slusher, Kirk Brummer and Reg Kobzi represented the seller, a partnership managed by The Muller Co., while CBRE’s National Retail Partners-West team represented the buyer, a Chicago-based fund manager.
Located at 437 S. Highway 101, just off Highway 101 and along the Pacific Ocean, the 3-acre site is around 30 minutes north of downtown San Diego. The property is within walking distance of the Cedros Design District and Amtrak train station and less than a mile from the Del Mar Fairgrounds, site of the Del Mar racetrack. Tenants of the 1993-built shopping center include California Pizza Kitchen, Alfonso’s of La Jolla, Rubio’s Coastal Grill and Banfield Pet Hospital. JLL is leading leasing efforts.
“There are few alternatives in this immediate area and coastal areas in general for tenants seeking more traditional retail center space with adequate on-site parking, keeping occupancy levels high,” Read said in prepared remarks. “Based on the property’s configuration, strong historical occupancy, improving tenancy and upward trending rents in this highly affluent trade area where average household income exceeds $142,000, Beachwalk is a trophy asset in a coastal location that will maintain its dominant market position for years to come.”
Other recent developments in the Solana Beach submarket of San Diego include the construction of RAF Pacifica Group‘s 26,000-square-foot mixed-use project by 2018. The property will also include 5,000 square feet of retail space.
Image courtesy of CBRE