CBRE’s John Read recently announced that his National Retail Partners – West (NRP-West) team, along with Reg Kobzi in CBRE’s San Diego office, completed the sale of BeachWalk, a 54,973-square-foot coastal retail center in the city of Solana Beach, according to a press release. 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 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, the press release said. 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.
"True coastal retail projects like BeachWalk seldom come to market. The property’s internet-resistant 'daily needs' and complementary tenancy with national, regional and local operators, including California Pizza Kitchen, Alfonso’s of La Jolla, Rubio’s Coastal Grill, Banfield Pet Hospital, and other established tenants, make the property an integral part of this coastal community," said Read.
"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."
In 2015, the NRP-West team, formerly known as National Retail Investment Group - West (NRIG-West), was CBRE’s #1 retail investment team nationally with a total transaction volume exceeding $940 million in 63 transactions, encompassing 88 properties, totaling more than four million square feet in size. With this closing, CBRE's NRP-West team has closed 212 transactions since the start of 2012 for a total consideration of $3.8 billion. In total, the NRP-West team has listed and sold more than $9.7 billion in retail transactions. More information is available at www.cbre.com/nrpwest