EDENS Acquires San Diego-Area Retail Asset
A specialty grocer anchors the property.
EDENS has acquired The Forum, a 263,000-square-foot open-air retail center in Carlsbad, Calif. Northwood Investors LLC and Nuveen Real Estate sold the asset.
Eastdil Secured Savills represented the sellers. The deal’s dollar value was not disclosed.
The 33-acre center is anchored by specialty grocer Jimbo’s. Other tenants include Apple, The Henry, Vuori, Gorjana, Alo, Tecovas, SusieCakes and Abercrombie & Fitch, as well as SoCal chain Parakeet Café.
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A Northwood spokesperson told Commercial Property Executive that Northwood and Nuveen converted a former Bed Bath & Beyond space into five new custom-fit suites, each within the existing façade. Each storefront features varied designs, heights, windows and canopies. The spokesperson said the team signed leases for the space so far, including Abercrombie & Fitch and Barry’s.
The Forum is located at 1923 Calle Barcelona in North County San Diego. According to EDENS, the submarket is one of Southern California’s most affluent and supply-constrained coastal markets. Downtown San Diego is about 30 miles south.
San Diego market stats
San Diego’s retail space market is holding steady on vacancy, as asking rents and construction deliveries continue to climb, according to a third-quarter report from Kidder Mathews. Overall vacancy in the quarter was 4.4 percent, essentially unchanged from the prior quarter’s figure of 4.2 percent and flat from 12 months prior.
The market saw negative net absorption of 107,816 square feet in the quarter and 184,977 square feet year to date. Only 158,494 square feet of retail space is under construction, a substantial year-over-year drop.
In May, The Beacon, at 7720–7790 El Camino Road in Carlsbad, was one of five open-air grocery-anchored retail centers purchased by a joint venture between Bain Capital and 11North Partners. The centers, in California, Florida, Texas and Virginia, total about 757,000 square feet and sold for $300 million.
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