Solana Beach Retail Property Trades for Over $800/sf

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A Canadian-based real estate investment fund has purchased Gateway @ Cedros, an 8k sf, coastal retail center in Solana Beach. The sale price was $6.725 mil, which works out to very healthy $837/sf.

Gateway @ Cedros is a 100% occupied center that is anchored by Peet’s Coffee. It 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 Ave and 121-129 Lomas Santa Fe Dr in northern San Diego County, was renovated in 2010.

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 Hanley Investment Group Executive Vice President Eric Wohl, who represented both the buyer and the seller, an Encinitas-based private investment company, in the deal.

“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.

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