San Diego-Area Retail Center Commands $58M
- Aug 23, 2019
Asana Partners acquired The Beacon La Costa, a 123,000-square-foot upscale retail center in Carlsbad, Calif. A joint venture of Centennial Real Estate, Angelo Gordon and Linwood Ventures sold the asset for $57.6 million in an off-market transaction. A JLL Capital Markets team represented the buyer in the deal.
Located at 7710-7770 El Camino Real, the property is 9.2 miles south of downtown Carlsbad, near Interstate 5. The retail center serves the La Costa neighborhood, where a population of 97,669 having an average household income of $154,740 lives within a 3-mile radius.
Originally built in the 1980s under the name La Costa Towne Center, the property last changed hands in 2014, according to San Diego Business Journal. In 2015, the ownership invested $15 million in renovations and rebranded the shopping center to The Beacon La Costa. The retail asset is anchored by Equinox fitness.
JLL Executive Vice President Geoff Tranchina and Vice President Jose Carrazana represented the buyer in the deal. Tranchina also assisted Asana Partners in the acquisition of The Fig Collection at Highland Park. The mixed-use portfolio traded for $23.3 million in Los Angeles last July.