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7/24/23
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Three retail properties in Carlsbad -- King’s Fish House, P.F. Chang’s and BJ’s Restaurant – sold to separate buyers in deals totaling $23.525 mil. The properties, all located along Paseo Del Norte, were sold by California-based CPT/SC Title Holding Corporation.
Creekside Shops LLC purchased King’s Fish House at 5625 Paseo Del Norte for $10.3 mil. The 10.3k sf, single-tenant building is situated on nearly 1.96 acres. Initially built in 2003, the property underwent substantial renovations in 2018.
Located at 5621 Paseo Del Norte, P.F. Chang’s sold for $5.725 mil. The 7.2k sf building, built in 2009, sits on 1.60 acres, with over 140 parking stalls.
BJ’s Restaurant at 5613 Paseo Del Norte sits on 1.86 acres and sold for $7.5 mil to K Ishii Manhattan Ave LLC. The 10.5k sf building was built in 2009. Shaun Riley with Faris Lee Investments represented the buyer.
The three restaurants’ sites are adjacent to Paseo del Norte Shopping Center and the Carlsbad by the Sea Hotel. Interstate 5 runs parallel to the properties with easy access to the nearby Carlsbad Premium Outlets and Carlsbad Car Country.
CBRE’s Reg Kobzi, Michael Peterson, Joel Wilson, Philip Voorhees, Megan Lanni, and Eric Shain represented the seller in the transactions.
“Even in the financially constrained market we’re in, these assets had tremendous interest from investors due to the desirability and stability of the San Diego coastal retail market,” commented Kobzi.
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