Carlsbad CA— Cushman & Wakefield announced on Monday that Shea Properties, LLC/Shea Homes San Diego, LP has acquired ±17.7 undeveloped land acres in Carlsbad (San Diego), Calif. to construct a new mixed-use specialty center located in the city’s Bressi Ranch area. The property consisted of lots 29 through 32 in Bressi Ranch and sold for $26.5 million. Aric Starck and Dennis Visser of Cushman & Wakefield’s Carlsbad office represented the buyer and seller in the transaction.
The new specialty center is slated to consist of the development of 125 for-sale luxury condominiums, a food market, a drive-through drug store and other retail shops on the ±17.7 acre site located along Palomar Airport Road. The retail center will feature a Main Street-like entry leading to new shops, services, and restaurants, all anchored by a specialty market. It will be accented by inviting patios, plazas, terraces, and courtyards designed to serve as gathering places for Bressi Ranch residents and guests.
According to Kevin McCook of Shea Properties, the condominiums will sell at prices beginning in the $600,000 range, while negotiations are currently in process with multiple tenants for the commercial center—although no official leases have been executed.
The property is bounded by Palomar Airport Road to the north, El Fuerte Street to the east, Gateway Road to the south, and the Colt Place cul-de-sac to the west. It sits directly across from Bressi Village retail center featuring a Trader Joe’s, a Stater Brothers, some restaurants, offices and other businesses, as well as Mulberry at Bressi, and is adjacent to Staybridge Suites.
Mr. Starck, an Executive Managing Director, said, “The Bressi sale was a huge success. It was a lengthy and very complex land entitlement process that took four years to complete the zoning change to allow for both Retail and Residential. The process required a true partnership in which the buyer, seller, the City of Carlsbad, and the resident stockholders in the community all worked closely together to come up with the right vision for this project.”
He added, “As part of this plan, the new specialty center will provide greater housing options and supply the city with the new, high quality retail space that this underserved community has needed for some time.”