Jones Lang LaSalle Incorporated : San Diego-area retail center sells for $23.5M

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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