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| Solana Beach, CA BeachWalk Retail Center |
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| John Read |
Situated along Highway
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. The sale price was
$33.25 million.
CBRE’s retail investment experts Read, Philip Voorhees, Jimmy Slusher, Kirk Brummer, and Kobzi, represented the seller, a partnership managed by The Muller Company, an Orange County-based real estate investment 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.
Built in 1993, BeachWalk
shopping center sits on 3.06-acre site at 437 S. Highway 101 in Solana Beach.
According to Read, the CBRE team’s marketing system distributed more than 540
offering memoranda to investors and brokers, and through the team’s
"managed bid" offer process, generated eight offers to purchase the
property.
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| Phillip Voorhees |
"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."
For a complete copy of the company’s news release,
please contact:
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