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12/05/22
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A San Diego-based private investor purchased the 4.6k sf, 100% occupied multi-tenant retail center located in the heart of the Carlsbad Village area, for $4.475 mil ($976/sf). The property is located at 711 Grand Ave, less than a ½ mile from the I-5 Fwy.
The center is below the 11-unit Grand Madison luxury condominium complex. It is situated within walking distance of the beach, train station, resort hotels, shops and the neighboring residential community, earning the property an impressive Walk Score rating of 95 out of 100.
Built in 2019, the three-unit center is home to Harumana Noodles + Buns, Village Optical and The Shop Salon all of which are on NNN leases. In addition to drawing customers from the Grand Madison, several other luxury developments have recently opened in the immediate area including the 33-unit Carlyle Carlsbad Village (2020) and the 106-unit The Lofts at Carlsbad Village (2021). The average household income within 5-minutes of the property is $117,000+.
Mike Lin with Progressive Real Estate Partners represented the seller, a private New York-based investor. The buyer was repped by Josh Simms and Ryan King from Voit Real Estate Services. The deal closed at a 4.75% cap rate.
“The excellent location in the heart of Carlsbad, new modern construction, e-commerce resistant tenant mix and nearby attractions made the property very desirable,” noted Lin. “Not only did the property go from listing to close within 90 days, we were able to sell the center for 98% of the asking price”.
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