A retail center in Carlsbad totaling 44,722 square feet is adding to a number of available retail assets in Southern California. The property, also called the Paseo Carlsbad Retail Center, is up for sale with an asking price of $21 million, or about $470 per square foot, according to the marketing brochure from CBRE.
Located at 5617 Paseo Del Norte on more than three acres of land, the property reaches two stories and is currently occupied by a number of tenants. The property was developed in 2010 by PacTen Partners, public records show.
According to CBRE, the property is approximately 77 percent occupied, with tenants including the Corner Bakery, Road Runner Sports, Archive Bridal, Body Spa Salons and several others. Currently, the net operating income at the property totals more than $1 million.
The property is located amongst several other retail assets, maintaining close proximity to Simon’s Carlsbad Premium Outlets as well as a number of auto dealerships. The property is also less than two miles from Legoland, which sees nearly three million visitors per year.
In addition, the five-mile radius surrounding the property is home to 147,414 people with an average household income of $159,795 per year.
In general, San Diego’s retail market has remained strong, with approximately 449,859 square feet of real estate absorbed in the third quarter, according to a third quarter market report from CBRE. That report also showed vacancies fell to five percent during the third quarter, an approximately 20 percent decrease from quarter to quarter.