Inland Empire Firm Sells Carlsbad Retail Center for $4.5M
Rancho Cucamonga, CA-based brokerage firm Progressive Real Estate Partners has announced the sale of Carlsbad Village, a 4,500-square-foot, 100% occupied multi-tenant retail center in Carlsbad, CA. The property was purchased by a San Diego-based private investor for $4.475 million, or $976 per-square-foot at a 4.75% cap rate.
The three-suite retail center is in a unique setting, just below the 11-unit Grand Madison condominium complex, located within walking distance of the beach, train station and resort hotels. Progressive Real Estate Partners’ Mike Lin represented the seller in the transaction, a private New York-based investor. Voit Real Estate’s Josh Simms and Ryan King represented the buyer.
The current tenant list includes Harumana Noodles + Buns, Village Optical and The Shop Salon, all on triple-net leases. “The excellent location, new modern construction, e-commerce resistant tenant mix and nearby attractions made the property very desirable,” said Lin in a news release.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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