The debut of a new fitness chain into San Diego is enough to prompt The Beacon La Costa's owners to move forward on a major renovation that will transform the shopping center into a luxury destination. We spoke with Linwood Ventures' Scott Schonfeld who says the $15M renovation of the 123k SF retail center will refurbish it into a luxury destination, anchored by Equinox, which is taking over the long-shuttered Vons grocery space. Among the space offerings will include 62k SF of retail and 30k SF of office.
Linwood bought the property in October in a JV with Centennial Real Estate Co and Angelo, Gordon & Co. for $32M. The investment is betting on a sheer lack of upscale retail destinations in the North County area, Scott says. “I think the demographics of North County…are very strong. And this is something that doesn't exist in North County right now,” he says. A value-add investor, Linwood is still hunting for other repositioning opportunities. “It's a pretty strong real estate market out there right now, so finding those opportunities is getting harder and harder,” he says.
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