A major portion of The Island @ Carlsbad retail center in Carlsbad, Calif., has been acquired in a 1031 exchange for $23.6 million, Faris Lee Investments announced today.

Los Angeles-based Sero Properties bought the property at 5814 Van Allen Way from Island Property Partners LLC et al, an Orange County-based partnership, at a price of nearly $590 a square foot.

Built in 2000, The Island @ Carlsbad features a Caribbean aquatic theme, open food court area, central fountain, pool and fireplace area. The sold portion of the center totals 39,982 square feet and included such tenants as Carl’s Jr., U.S. Healthworks, TD Waterhouse, First Future Credit Union, Randstad U.S. and The Islands Oasis Food Court.

According to a press statement, The Island @ Carlsbad is the only retail service center located within the Carlsbad Research Center, a master-planned office and R&D development totaling nearly 15 million square feet on 560 acres.


What’s your opinion? Leave your comments below or send a
letter to the editor.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription