Solana Beach center is acquired for $33 million

A Chicago-based fund manager has acquired BeachWalk on Highway 101 in Solana Beach, California, for $33.25 million.



"True coastal retail projects like BeachWalk seldom come to market,” said John Read of CBRE’s National Retail Partners West unit, which represented the seller, the Orange County-based Muller Company. Solana Beach is north of San Diego.



CBRE received eight offers for the 54,973-sq.-ft. property, which is within walking distance to the beach and the Cedros Design District. Tenants include California Pizza Kitchen and Rubio’s Coastal Grill.



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.

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