Solana Beach Coastal Retail Asset Sells To Canadian REIT for $837 Per SF
Hanley Investment Group EVP Eric Wohl (snapped at the beach with wife, Jessica, and daughter, Ella) has completed the sale of the 8k SF Gateway @ Cedro, a rare trophy coastal retail center in Solana Beach, to a Canadian REIT for a whopping $837/SF.
“The strong activity and number of offers procured for this asset is a perfect example of how investors are now, more than ever, seeking quality over quantity,” he tells Bisnow. Anchored by Peets Coffee, this multi-tenant retail asset, which sold for nearly $6.73M, was 100% occupied at the time of sale.
"The sale of Gateway @ Cedros exemplifies the high demand for well-located trophy assets,” Eric says. His team utilized Hanley Investment Group’s extensive database to find a qualified, all-cash buyer able to complete due diligence and close escrow in 21 days. “We are seeing an influx of foreign capital coming into Southern California, especially from Canadian buyers,” he adds. “They are drawn to the infill and coastal markets, as both are experiencing strong growth with extremely high barriers to entry.”
Located on a .32-acre site at 100-116 S Cedros Ave and 121-129 Lomas Santa Fe Dr, this landmark asset is two blocks from the Pacific Ocean and situated at the entrance to the Cedros Avenue Design District. This unique tourist destination includes two-and-a-half blocks of high-end boutiques, art galleries, offices, bars and restaurants. The property includes 26 on-site parking spaces—a hard to find asset in this location, he tells us.
Eric says the location, visible from Hwy 10, has 109,000 people living within five miles and enjoys heavy foot- and vehicle traffic. It benefits from the approximately 2.75M Amtrak Pacific Surfliner passengers annually who stop at the Solana Beach Train Station—one of the busiest in California. He points out this is the only stop for the famous Del Mar Fairgrounds and Racetrack, which hosts approximately 3M visitors annually.