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9/30/26
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Shops at Edgewater, a 25.2k sf retail property located at 2080 California Ave in Sand City, CA, sold for $9.45 mil, or $375/sf. Shops at Edgewater is a fully leased multi-tenant retail building situated within Edgewater on Monterey Bay, a dominant regional shopping destination serving Monterey County and the broader Central Coast along Highway 1.
The property is 100% leased to ULTA Beauty, Panera Bread, Mancini's Sleepworld and a Bank of America ATM. Recent lease extensions with key tenants provide long-term income stability and reinforce the property's position as a leading daily-needs retail destination.
Located directly along California Avenue with unobstructed visibility from Highway 1, the property offers convenient access to Monterey, Seaside, Marina and surrounding coastal communities such as Carmel-by-the-Sea. As part of the larger Edgewater on Monterey Bay shopping center, Shops at Edgewater benefits from strong retail synergy generated by national retailers including Target, Lucky, Ross Dress for Less, HomeGoods and PetSmart. The property's tenant mix serves both local residents and regional visitors to the Monterey Peninsula.
A JLL Capital Markets team led by Managing Director Eric Kathrein and Director Andrew Spangenberg, along with Associate Allie Repaskey. represented the private seller in the transaction. Sand City Holdings LLC acquired the asset with representation from Tim Sotoodeh, Ryan Rostami and Rustin Rostami.
The Monterey Bay region is supported by a diverse economic base that includes tourism, higher education, agriculture, healthcare, government and military-related employment. The property's trade area includes more than 93,000 residents within a five-mile radius and is characterized by strong household incomes of over $130K, significant consumer spending power and a steady influx of visitors. Demand is further supported by the world-renowned destinations such as the Monterey Bay Aquarium, Pebble Beach Golf Links, and the peninsula’s reputation as one of California's premier coastal destinations.
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