Coastal Carlsbad Mixed-User Sells for $410/sf

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RENTV.com

Roosevelt Plaza @ Carlsbad Village, a 20k sf, three-story mixed-use property comprised of retail, creative office and residential located in the coastal community of Carlsbad, was sold for $8.195 mil, or $410/sf.

Built in 2009 on .25 acres at 560 Carlsbad Village Dr and 2975 Roosevelt St, the property is 100% leased. One of Roosevelt Plaza’s retail tenants, Paon Restaurant & Wine, is a Zagat rated high-end French-inspired restaurant featuring outdoor patio dining and tasteful interior décor.

Eric Wohl and Andrew Cunningham, CCIM, with Hanley Investment Group Real Estate Advisors represented the seller, Stos Partners of Encinitas. Vadim Baum of Keller Williams Realty in Huntington Beach repped the 1031 exchange buyer, La Cienega Property Group of Beverly Hills. The asset traded at a cap rate of 5.33%. According to Wohl, the property has an approved condominium map in place, allowing for multiple exit strategies including the separate sale of individual units at higher prices per square foot.

“It is extremely rare to find a recently-built coastal property in north San Diego for above a five% cap rate and below $500 per square foot,” said Wohl. “We received multiple offers all hovering near asking price due to the trophy location, newer construction and below market rents.”

Roosevelt Plaza is located on the premier retail thoroughfare in the heart of Carlsbad Village, made up of boutiques and national credit tenants. It is within walking distance to the Pacific Ocean. Credit tenants in the immediate trade area include Starbucks, Bank of America, 7-Eleven, Ace Hardware, Jack in the Box, US Bank, Smart & Final, Taco Bell/KFC, Denny’s, Carl’s Jr., Union Bank, Verizon and Subway.