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Steerpoint Acquires Major Share of Carlsbad Retail Center
Archway Capital LLC provided a $42.9-million loan to Steerpoint Capital for the acquisition of a major portion of The Shoppes at Carlsbad. Jessica Carter, VP, loan originations with Archway, facilitated the loan on behalf of the borrower. Located at 2525 El Camino Real in Carlsbad, the 98-acre retail property totals 1.1 million square feet.
The portion that was acquired totals 727,000 square feet and is currently 74% occupied with a tenant mix including Yard House, The Cheesecake Factory, Hollister, American Eagle Outfitters, Dave & Busters, 24 Hour Fitness and Regal Cinemas. Anchor tenants that weren’t part of the sale include Macy’s and JCPenney.
The loan marks Archway Capital’s largest transaction to date, as well as one of the most complex the firm has executed. The borrower allocated and capitalized $4 million for improvements to the property including upgrading the entrances, enhancing common area seating, adding digital signage and bathroom renovations.
- ◦Sale/Acquisition
- ◦Financing


