Colliers negotiates both off-market transactions; investment firm labels both acquisitions as generational opportunities
SANTA MONICA AND CARLSBAD, CA – Nov. 1, 2017 – In a pair of off-market transactions, Balboa Retail Partners, a Los Angeles-based real estate investment firm, has purchased two grocery-anchored centers in Southern California in separate transactions handled by Colliers International. Total consideration and identities of the selling parties were not disclosed.
Lincoln Center in Santa Monica and Carlsbad Village in Carlsbad were acquired by an affiliate of the investment firm in transactions negotiated by Colliers’ Tom Lagos and Michael Asarch, both of whom are based in the brokerage firm’s downtown Los Angeles office.
In the Santa Monica transaction, Lincoln Center, a 57,630-square-foot shopping center situated at the intersection of heavily trafficked Lincoln and Ocean Park boulevards and anchored by a Gelsons Market in the well-known, beachside city, was acquired. In the second transaction, Carlsbad Village, a 59,010-square-foot shopping center situated at the intersection of Carlsbad Village Drive and the San Diego (I-5) Freeway, near downtown Carlsbad and anchored by Smart & Final, was acquired by the investment group.
In a statement, Balboa Retail Partners, which pursues investment properties worldwide, said it has no immediate plans for either center since both are 100% occupied by a strong mix of both local and national credit tenants with long-term leases.
“We regard the purchases of both Lincoln Center and Carlsbad Village as generational opportunities and look forward to serving the evolving needs of both the Santa Monica and Carlsbad communities,” said Joseph Fahey, one of the principals of Balboa Partners.
Since its formation in 2011, Balboa Retail Partners has acquired more than 3 million square feet of retail assets in 17 states. Balboa’s current investment vehicle is Balboa Retail Fund I, LP, a discretionary real estate fund that closed in 2015.
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