Coastal Grocery-Anchored Shopping Centers Continue to be in High Demand

Carlsbad Village Plaza, a 58,735-square-foot retail center anchored by Smart & Final Extra!, recently sold for $23.5 million. 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 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. The center is just off the Interstate 5 Freeway, 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.

Buyer Tooley Interests LLC was represented by JLL’s Gleb Lvovich, Geoff Tranchina and Daniel Tyner.

“Coastal grocery-anchored shopping centers continue to be in high demand with extremely limited supply, especially for sites with long-term redevelopment potential,” Lvovich said.

Newmark’s Pete Bethea, Rob Ippolito and Glenn Rudy represented the seller, Balboa Retail Partners.