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Sunday, May 19, 2024
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San Diego Firm Acquires Del Mar Plaza Retail Center

San Diego’s Brixton Capital has acquired the Del Mar Plaza retail center in downtown Del Mar, though the price was not immediately disclosed. According to CoStar Group, the property at 1555 Camino Del Mar last sold for $41.6 million in 2010.

In its own statement, Brixton Capital said the seller of the 76,000-square-foot center was Munich, Germany-based GLL Real Estate Partners. The center is located at Camino Del Mar and 15th Street, with tenants including seven upscale restaurants and national retailers such as Banana Republic and Lorna Jane.

CoStar Group reported that the three-story property was originally built on 2.18 acres in 1989 and had 29 tenants at the time of sale, also including Salon Republic and restaurants such as Smashburger, Il Fornaio and Pacifica Del Mar.

Brixton officials said the company plans to revitalize the center, with plans including modernizing its appearance, tenant mix and community outreach. Chairman Marc Brutten, who is a long-time Del Mar resident, said the center was originally built “with a tremendous amount of community input in a timeless and irreplaceable location.”

“The Plaza now needs to re-capture that original sense of community purpose with a more defined tenant mix and active event calendar,’ Brutten said.

The buyer and seller were represented by Thao Tran of Eastdil Secured.

Brixton Capital is a private-investment vehicle of BruttenGlobal, which owns and manages an international portfolio of holdings valued at more than $3.3 billion across a variety of industries. Those include real estate, banking, professional sports, aviation, media and consumer products.

Brutten himself is also the founder and executive chairman of San Diego-based Westcore Properties, which invests in assets including office and industrial properties.

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