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.