Jones Lang LaSalle Incorporated: San Diego area mall sells for $ 23.5 million

NEWPORT BEACH, California, December 13, 2021 –JLL Capital Markets today announced the closing of the $ 23.5 million sale of Carlsbad Village Plaza, a 58,735 square foot shopping center anchored by Smart & Final Extra! in the coastal community of the San Diego area of ​​Carlsbad, California.

JLL advised the buyer, Tooley Interests, LLC, who purchased the asset from Balboa Retail Partners.

As one of only two anchored food centers in Carlsbad, located in a high-barrier location at the entrance west of Interstate 5, Carlsbad Village Plaza is home to the only existing grocery option in the commercial area, Smart & Final Extra !. The mall is also home to a diverse mix of national and local retailers including Texas Wine & Spirits, Ace Hardware, Carlsbad French Pastry Café, MPower Pilates, Carlsbad Village Pharmacy, El Puerto Restaurant, and Mikko Sushi Restaurant.

Carlsbad Village Plaza is located on 4.11 acres at 945-1065 Carlsbad Village Dr. in Carlsbad, a coastal community 40 miles north of downtown San Diego. The center is located just off Interstate 5, providing visibility to over 212,000 vehicles per day, in addition to the 30,708 vehicles that use Carlsbad Village Drive daily. The center originates from a commercial area that includes 15,172 residents with an average annual family income of $ 106,115 within a one-mile radius.

The JLL Retail Capital Markets team representing the buyer was led by Managing Director Gleb Lvovich, Geoff Tranchina and director Daniel Tyner.

“Shopping centers anchored in coastal grocery stores continue to be in high demand with extremely limited supply, especially for locations with long-term redevelopment potential,” Lvovich said.

JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment sales and advice, debt advice, equity advice or a recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.

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