The Island@Carlsbad, the first retail project to be developed in the 560-acre master-planned Carlsbad Research Center, has been sold for $18.4 million.

The project is located on 5.51 acres at the southwest corner of College Boulevard and Faraday Avenue in Carlsbad. Built in 1999 by the Lichter Venture Group, The Island consists of approximately 50,000 square feet of retail, service, food court, professional office, and service station / convenience store space.

The buyer was Island Property Partners LLC. The seller was The Island@Carlsbad LLC and Danielson DSS LLC.

The retail center features tropical landscaping, trellised courtyards surrounding a decorative fountain and a 6,000-square-foot food court offering indoor and outdoor dining for 400. Major tenants are 7-Eleven/Citgo, Danky’s Sports Pub and Grill, US Bank, TD Waterhouse, First Future Credit Union, US Healthworks, Carlsbad Open 7-Day Dental, Santorini Grill, Carl’s Jr., and Submarina.

The project was 98 percent leased at closing.

Colliers International, one of the top three commercial real estate service organizations in the world, negotiated the deal.

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