Trilogy's Generation Venture IV LLC is the borrower of record. Minneapolis-based NorthMarq Capital's San Diego office arranged the financing through First Union Capital Markets Group. Dan McCarthy, NorthMarq vice president and senior producer, and Tony Petosa of Bloomfield Acceptance Co. structured the deal.
The fully leased Beachwalk Center, positioned at 437 S. Pacific CoastHighway, houses 33 tenants including California Pizza & Kitchen, Pacific Coast Grill, Dyson & Dyson, B&L TriSports Inc. and Case GroupArchitects. Built in 1992, the three-building, concrete-and-stucco retailcenter is positioned on a little more than three acres and features 296 parkingspaces.
Pacific Coast Highway is the primary artery in the western portion of SolanaBeach, where restaurants are a driving force in the older community. Del Mar Race Track is just south of Beachwalk Center, which fronts Highway 101.
According to CB Richard Ellis' first quarter 2001 retail report, the DelMar-Solana Beach-Rancho Santa Fe submarket contains more than 1.5 million sf of retail space, accounting for 3.35% of the San Diego market. Beachwalk Center is located in the most expensive and upscale retail submarket of the region's 27, where per sf rates are commanding $3.06 in comparison to the region's average $1.69 per sf and ocean front views are commonplace.
The submarket carries a 2.8% vacancy in comparison to the region's average of 4.1% and is one of 13 posting positive net absorption in the Q1 accounting. The average price of a single-family home is $761,350 and a median price, $661,000 in Beachwalk Center's home port of Solana Beach. The average price for a condo is $384,350 and the median, $341,000.
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