CARLSBAD — Two Southern California investment firms, in a joint venture, have acquired The Shoppes at Carlsbad for $71.5 million from Toronto-based Brookfield Asset Management, according to a news release.
The 1.1 million-square-foot shopping mall, bordered by Buena Vista Creek and located near the intersection of El Camino Real and state Route 78, features entertainment venues such as Regal Cinemas and Dave & Buster’s; retailers including JCPenney, Hot Topic, Vans, Victoria’s Secret and H&M; and restaurants like Yard House, Panera Bread and The Cheesecake Factory.
The purchase was a joint effort between Steerpoint Capital, based in Los Angeles, and SteelWave, which has offices in Costa Mesa. It is the second transaction between the two firms, according to the release.
A spokesperson for both companies could not be reached by phone for comment.
Jack Steger, director of investment and development at Steerpoint Capital, said in the release that the acquisition represented a high-quality asset purchased at a good price with “undeniable strength.”
“The Shoppes at Carlsbad combines irreplaceable real estate with powerful demographics, and we see tremendous opportunity to drive long-term value for both our tenants and the community,” Steger said in the release.
The firms cited the mall’s 2017 renovation and its prime location near major freeways as key factors for optimism about the project.
“Acquiring The Shoppes at Carlsbad represents a unique opportunity to invest in a property that combines strong fundamentals with a prime location in one of Southern California’s most desirable communities,” said Bo Okoroji, founder and CEO of Steerpoint Capital.
