The $71.5 million acquisition of the regional mall is the latest transaction completed through the firms’ joint venture platform.
Steerpoint Capital, in a joint venture with SteelWave, announced today the acquisition of The Shoppes at Carlsbad, a 1.1 million-square-foot regional shopping center in Carlsbad, Calif. The $71.5 million transaction highlights the partners’ strategy of targeting well-located, high-performing retail destinations in growth markets across the Western United States.
Located in northern San Diego County, The Shoppes at Carlsbad sits just off Interstate 5 at SR-78 in one of Southern California’s most vibrant coastal communities, within easy reach of Orange County and San Diego. With this acquisition, Steerpoint Capital is adding powerhouse brands already thriving at the property—including Dave & Buster’s, Sephora, Zara, and Regal Cinemas—to its fast-growing retail platform, while reinforcing partnerships with dining leaders Yard House and The Cheesecake Factory. Combined with the center’s 2017 renovation, these relationships position The Shoppes at Carlsbad as a premier destination for shopping, dining and entertainment.
“This acquisition highlights our strategy of securing high-quality assets at a low basis in markets with undeniable strength,” said Jack Steger, Director of Investment and Development. “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.”
The acquisition marks the second transaction completed by Steerpoint and SteelWave under their joint venture platform, underscoring their conviction in the future of regional shopping centers that blend retail, dining, and entertainment in growing markets.
“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 & CEO of Steerpoint Capital. “We’re excited to continue growing our partnership with SteelWave and unlock long-term value for tenants, shoppers and the Carlsbad community.”
