San Diego-area retail center sells for $23.5M
JLL Capital Markets completed the sale of one of only two grocery-anchored centers west of Interstate 5 in Carlsbad, California
NEWPORT BEACH, Calif., Dec. 13, 2021 – JLL Capital Markets announced today that it has closed the $23.5 million sale of Carlsbad Village Plaza, a 58,735-square-foot retail center anchored by Smart & Final Extra! in the coastal San Diego-area community of Carlsbad, California.
JLL advised the buyer, Tooley Interests, LLC, which purchased the asset from Balboa Retail Partners.
As one of only two grocery-anchored centers in Carlsbad located in a high barriers-to-entry location west of Interstate 5, Carlsbad Village Plaza houses the trade area’s only existing grocery option, Smart & Final Extra!. The retail center 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 situated 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 just off the Interstate 5 Freeway, providing visibility to more than 212,000 vehicles per day, in addition to the 30,708 vehicles that travel Carlsbad Village Drive daily. The center pulls from a trade area that includes 15,172 residents with an average annual household 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.
“Coastal grocery-anchored shopping centers continue to be in high demand with extremely limited supply, especially for sites with long-term redevelopment potential,” Lvovich said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Tooley Interests, LLC
Tooley Interests, LLC is a privately owned, fully integrated real estate development and investment firm focused on the acquisition, development and long-term ownership of exceptionally well-located properties in California, Arizona, Idaho and Florida. The company is headquartered in Santa Monica, California. For further information, please contact info@tooleyco.com.