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Solana Beach Retail Property Trades for $600/sf

4/24/17

BeachWalk, a 55k sf, coastal retail center in the city of Solana Beach, sold for $33.25 mil, or around $600/sf. Situated along Hwy 101, the property is steps to the Pacific Ocean, walking distance to the Cedros Design District and Amtrak Train Station, and less than a mile from the world famous Del Mar Fairgrounds, site of the Del Mar Racetrack.

Built in 1993, BeachWalk shopping center sits on 3.06-acre site at 437 S. Highway 101 in Solana Beach. The property’s mix of national, regional and local operators include California Pizza Kitchen, Alfonso’s of La Jolla, Rubio’s Coastal Grill and Banfield Pet Hospital.

CBRE’s National Retail Partners – West (NRP-West) team of John Read, Philip Voorhees, Jimmy Slusher and Kirk Brummer, along with CBRE’s Reg Kobzi, represented the seller, a partnership managed by The Muller Company. The buyer, a fund manager based in Chicago, also represented by CBRE’s NRP-West team, acquired BeachWalk as an addition to its portfolio.

"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 noted. “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."




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