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Who’s Buying SD’s Trophy Retail Assets—and Why?

SAN DIEGO—The full spectrum of buyers, from private investors to large REITs, is eyeing these properties and is willing to sacrifice yield going in because they’re banking on long-term appreciation and extremely high barriers to entry, HIG’s Eric Wohl tells GlobeSt.com EXCLUSIVELY.

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Eric Wohl Wohl: “Tenants are willing to pay now more than ever for a building with excellent visibility, parking and access in high-end coastal communities.”

SAN DIEGO—The full spectrum of buyers, from private investors to large REITs, is eyeing San Diego’s trophy retail assets and is willing to sacrifice yield going in because they’re banking on long-term appreciation and extremely high barriers to entry, Hanley Investment Group’s EVP Eric Wohl tells GlobeSt.com. Wohl recently represented the seller, a private investment company based in Encinitas, CA, and the buyer, a real estate investment fund based in Canada, in the sale of the Gateway @ Cedros, a rare trophy coastal retail center in Solana Beach, CA, for $6.7 million, representing $837 per square foot. We spoke exclusively with Wohl about trophy retail assets in this market, who’s buying them and why.

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Carrie Rossenfeld

Carrie Rossenfeld

Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.

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