A Carlsbad shopping center near Legoland has sold to a real estate partnership for $15 million, it was announced Monday.
Mission Equities Real Estate of San Diego sold Palomar Place, at 961-65 Palomar Airport Road, to partners Hannay Realty Advisors, of Phoenix, and MDC Realty Advisors. The Carlsbad property is more than 15,000 square feet.
JLL Capital Markets Managing Directors Bob Prendergast and Lynn LaChapelle managed the sale, according to a news release. JLL is based in ChIcago.
“Palomar Place is an unusual investment opportunity; a new, premium retail center that’s fully leased by high-quality tenants in a coastal location with barriers to entry for new development,” said Prendergast.
Palomar Place has no vacancies. Its tenants include Burger Lounge and Starbucks. Craig Hannay, President of Hannay Realty Advisors, called the center “a brand new Class A asset that is an excellent addition to our growing California portfolio.”
JLL research indicates that Carlsbad is in a better retail position that San Diego County as a whole. The community’s retail vacancies are at 3 percent in Carlsbad, smaller than the 4.4 percent rate throughout in San Diego County.
