La Costa Towne Center sells in California

Midwest owner relinquishes asset

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Colliers International recently negotiated the sale of a 120,934-square-foot shopping center in Carlsbad, Calif., for a price of $38.4 million. The company represented both the buyer and the seller in the sale of the six-building La Costa Towne Center, located at 7710-7770 El Camino Real. The buyer was La Costa Tower Fund LLC, an entity controlled by BlackRock Realty Advisors Inc. The seller was Azure Investors LLC, based in St. Louis, Mo. The 15.2-acre property features 92,464 square feet of retail space and 28,471 square feet of office. Anchor tenants are Vons Supermarket and Wells Fargo Bank. Other tenants include Tuesday Morning and Hauser Designers. Downey Savings is located within the center; however, it is not a part of the sale transaction. The shopping center was built in 1981. Colliers International provides commercial real estate services locally and globally. ...