April 28, 2016
Corona del Mar-based Hanley Investment Group’s Executive Vice President Eric Wohl completed the sale of Gateway @ Cedros, a 100% occupied 8,035 square foot retail center in Solana Beach, CA for $6.75 million. Located at 100-116 S. Cedros Avenue and 121-129 Lomas Santa Fe Drive, the well-positioned coastal asset is a tourist destination, anchored by Peet’s Coffee and just a few minutes walk from the beach.
“Due to the strong demand for and high rent structure, coastal San Diego retail is selling at some of the highest prices per square foot we have ever seen,” Wohl stated. “We were able to utilize the extensive Hanley Investment Group database to procure a qualified all-cash buyer that was able to conduct due diligence and close escrow in 21 days.”
Wohl represented the seller, a private investment company in San Diego and the buyer, an investment fund based in Canada. This is yet another marker of Canada’s growing investment in U.S. commercial real estate.