Faris Lee completes $23M retail sale

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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 ...