Capstone Advisors Buys San Diego Retail Center
Capstone Advisors has purchased Beachwalk Shopping Center, a 55,580-square-foot retail center in Solana Beach, Calif., for $32.1 million. The buyer also took out a $25.8 million loan from LoanCore Capital for this property, according to CommercialEdge information.
JLL represented the seller, identified by the same source as GEM Realty Capital. The firm had acquired the asset in 2017 for $33.3 million.
Completed in 1993 on a 3-acre site, Beachwalk consists of eight buildings housing a mix of retail, restaurants, medical and creative office spaces. Its tenants include food, beverage and wellness vendors.
The new owner intends to revitalize the center through physical improvements and tenant roster additions. Pure Infrared Sauna and Lana Restaurant, currently under construction, will be the first of many new businesses to open soon at the property.
The shopping center is at 437 S. Highway 101, across from the Coaster commuter rail which connects Solana Beach to Encinitas, Calif., and San Diego. Del Mar, Calif., is less than 2 miles south, while Interstate 5 is 2 miles east.
JLL Managing Directors Geoff Tranchina and Gleb Lvovich, together with Senior Director Daniel Tyner, led the Investment Sales and Advisory team that completed the transaction. Tranchina and Lvovich were also instrumental in another recent retail center sale in California, a free-standing Whole Foods store that traded for $44.4 million.
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