RRA Capital has closed on a mixed-use gem in the vibrant Solana Beach market. Built in 1965, this three-story office and retail building spans across 0.94 acres and includes 79 covered parking spaces. The asset is in a highly sought-after area, located just a short walk from the Pacific Ocean and offering direct access to Interstate 5, combining coastal charm with convenience.

At the time of closing, the property boasted an impressive 95% occupancy rate, supported by loyal tenants, many of which have been in place for over a decade.  

RRA Capital provided a $9.46 million non-recourse, interest-only loan with two extension options, enabling the sponsor to execute their value-add business plan. The financing included an extensive capex budget, which aimed to modernize the property’s dated features and position it to compete with market rents.  

In addition to property upgrades, the loan also provides a tenant improvement budget to attract new tenants and further strengthen the property’s leasing prospects.

‍