物件概要
Jones Lang LaSalle is pleased to present the opportunity to acquire BeachWalk (the "Property"), a 55,580 square foot coastal retail investment opportunity located in Solana Beach, California. At 68% leased today compared to historical Pre-Covid occupancy north of 91%, the Property offers tremendous upside for investors to take the Property through stabilization and enhance the merchandise mix. The current synergistic mix of national and local tenants serves as a point of destination within this submarket, offering food, experiential shopping, fitness and wellness services, resulting in consistent foot traffic to the center. The Property is strategically located along the Highway 101 with easy access to major east/west thoroughfares of Loma Santa Fe Drive and Via de la Valle. This unique location provides for a broad audience of customers from many of San Diego’s most desirable communities such as Del Mar, Encinitas, and Rancho Sante Fe. The average household income in Solana Beach is over $172,000 and average home values exceed $2,000,000.
特性
メディア
投資のハイライト
Generational Coastal Real Estate
The Property features the ability to acquire one of Southern California’s most strategically located assets in the heart of Solana Beach, a premier “core” quality trade area where assets rarely come to market. The Property is ideally located just steps from the Pacific Ocean along Highway 101.
Superior High Barriers to Entry
There is a lack of competing retail in the immediate trade area. Given the high barriers to entry, the coastal trade area is supply constrained, densely populated, and features a vacancy rate of just 4.2%. This property features the rare ability to control over 3 acres of premier coastal real estate in Solana Beach.
Substantial Lease-Up Value Add Potential
With a lower current occupancy, the center provides maximum upside and merchandising optionality for future Investors. Given historical ability to achieve strong rents at the Property and the optionality of future leasing for traditional retail, creative office, health and wellness or medical, there is significant NOI growth potential for this asset.
Well-Maintained High Quality Asset
Since acquiring the Property in 2017, current ownership has invested $2.6 million in capital improvements including, roofing upgrades, deck improvements and move-in ready creative office suites complete with shared courtyard area.
Continued Investment in the Immediate Trade Area
Along the Pacific Coast Highway immediately north of the Property are two new projects, SandBox and HP Investors HQ, which will add over 63,000 SF of brand new office space and 25 luxury apartment units. BeachWalk will be a key amenity for these adjacent projects.
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