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6/01/26
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Asana Partners has acquired The Beacon, a 122.2k sf, neighborhood lifestyle retail destination in Carlsbad, for $91.3 mil, or $747/sf. The property, located at 7720-7790 El Camino Real, was sold by 11 North Partners.
The Beacon was originally built in 1982 and underwent a comprehensive repositioning and renovation from 2020 to 2023. The center comprises of 15.24 acres and is anchored by luxury fitness brand Equinox and features a curated tenant mix of national, regional and local retailers including Arhaus, Sweetgreen, Shake Shack, Jeni's Ice Cream, Pitfire Pizza and Lofty Coffee Co.
The center benefits from being located just off I-5, which carries approximately 186,000 vehicles per day. The center is surrounded by more than 1,200 five-star luxury hotel rooms and coastal amenities making this one of the most highly visited retail destinations in all of San Diego County.
The Beacon serves an exceptionally affluent trade area with average household incomes exceeding $220,000 within a three-mile radius and a population of more than 97,000 residents. The surrounding neighborhoods boast median home values of $1.3 mil within the primary trade area.
JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Senior Managing Directors Geoff Tranchina and Gleb Lvovich and Managing Director Daniel Tyner.
"This asset demonstrates how thoughtful repositioning and tenant curation can generate strong interest without relying on traditional grocery anchors,” noted Lvovich. “The Beacon's exceptional sales performance and strong NOI growth in this affluent submarket made it one of the most compelling retail opportunities we've brought to market."
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