Coastal San Diego Shopping Center Sells for $6.725 Million
CORONA DEL MAR, CALIF. – (RealEstateRama) — Hanley Investment Group, a nationally-recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that Executive Vice President Eric Wohl completed the sale of the Gateway @ Cedros, a rare trophy coastal retail center in Solana Beach, Calif. The sale price was $6.725 million, representing $837 per square foot.
The Gateway @ Cedros is a 100% occupied 8,035-square-foot retail center anchored by Peet’s Coffee and is located two blocks from the Pacific Ocean and adjacent to the Solana Beach train station. The multi-tenant retail building, which is situated on .32 acres at 100-116 S. Cedros Avenue and 121-129 Lomas Santa Fe Drive in northern San Diego County, was renovated in 2010.
Wohl represented the seller, a private investment company based in Encinitas, California, and the buyer, a real estate investment fund based in Canada.
“The sale of Gateway at Cedros exemplifies the high demand for well-located trophy assets. We were able to utilize the extensive Hanley Investment Group database to procure a qualified all-cash buyer that was able to conduct due diligence and close escrow in 21 days,” Wohl said.
The Gateway @ Cedros is positioned at the primary entrance to the Cedros Avenue Design District in Solana Beach, a unique tourist destination with two-and-a-half blocks of high-end boutiques, art galleries, offices, bars and restaurants. The property also includes 26 on-site parking spaces, which is hard to find in this area, according to Wohl.
“Located on the corner of Cedros Avenue and Lomas Santa Fe and visible from Highway 101, this landmark retail center provides retailers excellent exposure to heavy foot and vehicle traffic. More than 109,000 people reside within five miles of the center. Also, this irreplaceable location benefits from approximately 2.74 million Amtrak Pacific Surfliner passengers annually with Solana Beach Train Station being one of the busiest stations in California, and the only stop for the famous Del Mar Fairgrounds and Racetrack, which hosts approximately 3 million people annually,” Wohl said.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a retail investment advisory firm with a $5 billion transaction track record nationwide, who works closely with individual investors, lending institutions, developers, and institutional property owners in every facet of the transaction to ensure that the highest value is achieved. For more information, visit www.hanleyinvestment.com.