Newmark[1] announces it has completed the sale of Carlsbad Village Plaza, a grocery-anchored shopping center positioned for redevelopment in North San Diego County. The asset sold for $23.5 million.
Newmark Vice Chairman Pete Bethea and Senior Managing Directors Rob Ippolito and Glenn Rudy represented the seller, Balboa Retail Partners.The buyer was Tooley Interests, LLC, a Santa Monica-based investment and development firm.
“Capital continues to pursue quality real estate,” said Rudy. “Carlsbad Village is a prime example of best-in-market location with the ability to transition the asset for the future with new tenants and a capital plan to freshen up the physical plant for the area’s discerning customer.”
Located at 945-1065 Carlsbad Village Drive, the property spans four acres and is positioned on the Southwest quadrant of Carlsbad Village Drive and the I-5 Freeway in the city of Carlsbad. Totaling 58,735 rentable square feet, the property is anchored by Smart & Final Extra along with a diverse mix of twelve other tenants comprised of local eateries and service retailers, many of which have occupied the center for more than 20 years.
Carlsbad Village is a popular coastal neighborhood in Carlsbad that serves as the city’s downtown commercial district. Picturesque beaches and flower fields, upscale hotels and the Legoland amusement park attract visitors to the city year-round and the area’s largest employers include growing high-tech and life science companies, all of which support upscale retail in the area. Dining, drinking establishments and boutique stores line State Street and Carlsbad Village Drive, which form Carlsbad Village’s two main walkable thoroughfares.
The city’s estimated population of approximately 114,420 is the nation’s 22nd wealthiest communities; Carlsbad is the fifth richest city in the State of California according to median household income.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
[1] Dba Newmark Knight Frank in California