Capstone Advisors, a real estate investment, development and advisory firm headquartered in Carlsbad has acquired Solana Beach’s Beachwalk Shopping Center.  

The firm purchased the 55,580-square-foot property for $32.1 million from GEM Realty Capital, which had owned the shopping center since 2017.

Located at 437 S. Highway 101 near the Solana Beach border with Del Mar, the eight-building center includes a mix of retail, restaurants, medical and creative office space. Capstone plans on transforming the center with both physical improvements and a curated tenant roster, focusing on food and beverage options as well as health and wellness.

Pure Infrared Sauna and Lana Restaurant are currently under construction and will be the first of the new businesses opening soon. 

Alex Zikakis, president of Capstone Advisors, said he is a long-time regular at the center and that the “significant changes” to come will “strengthen its offerings in line with the desires of the local community.” 

“This is a great asset that will benefit from strong local ownership, and we will be embarking on a variety of improvements to revitalize this great asset,” Zikakis said.

The transaction closed Oct. 29.