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12/14/21
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Tooley Interests LLC paid $23.5 mil for Carlsbad Village Plaza, a 58.7k sf ($400/sf) retail center anchored by Smart & Final Extra! in Carlsbad. The asset was sold by 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 Fwy, 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.
Gleb Lvovich, Geoff Tranchina and Daniel Tyner with JLL Retail Capital Markets advised the buyer in the deal. According to Lvovich, coastal grocery-anchored shopping centers continue to be in high demand with extremely limited supply, especially for sites with long-term redevelopment potential.
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