Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN DIEGO-Trilogy Investment Group of Solana Beach has secured about $7.5million in a refinancing package for the nine-year-old Beachwalk Center, a 53,183-sf retail center located along Pacific Coast Highway.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.