crefeed.com | Carlsbad retail space brings $23.6M

3/6/2008

Carlsbad retail space brings $23.6M

The Island at Carlsbad

Los Angeles, Calif.-based Sero Properties has purchased a portion of The Island at Carlsbad, a 15 million square foot mixed use development in Carlsbad, Calif., for $23.6 million from Orange County-based Island Property Partners, LLC.

At $590 per square foot, the Island at Carlsbad brought the hightest price for a comparable retail development in San Diego County in the past two years.

Dennis Vaccaro of Faris Lee Investments represented Island Property Partners in the transaction.

The acquisition includes 39,982 square feet of retail space within the Island at Carlsbad, which was built in 2000. The two-story retail project is located at 5813 Van Allen Way and is currently leased to tenants including Carl's Jr., U.S. Healthworks, TD Waterhouse, First Future Credit Union, Randstad U.S. and The Islands Oasis Food Court.

Earlier this year Faris Lee completed the sale of two other buildings within the park for $5.3 million. The buildings were occupied by U.S. Bank and 7-Eleven.

Address: 5814 Van Allen Way, Carlsbad, Calif.

Size: 39,982 square feet

Built: 2000

Filed Under: Retail

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