Rancho Cucamonga, CA – November 30, 2022 – Progressive Real Estate Partners, a leading SoCal retail real estate brokerage announced the sale of a 4,584 square-foot 100% occupied multi-tenant retail center located in the heart of Carlsbad Village at 711 Grand Avenue in Carlsbad, CA (San Diego County). The property is less than a ½ mile from the I-5 freeway and sold for $4,475,000 ($976 psf) at a 4.75% cap rate.
The center is below the 11-unit Grand Madison luxury condominium complex in walking distance of the beach, train station, resort hotels, shops and the neighboring residential community earning the property an impressive Walk Score rating of 95 out of 100.
Progressive Real Estate Partners’ VP of Investment Sales Mike Lin exclusively marketed the property and represented the seller, a private New York-based investor. The buyer, a private San Diego-based investor, was represented by Josh Simms and Ryan King from Voit Real Estate Services.
Built in 2019, the three-unit center is home to Harumana Noodles + Buns, Village Optical and The Shop Salon all of which are 
on NNN leases. In addition to drawing customers from the Grand Madison several other luxury developments have recently opened in the immediate area including the 33-unit Carlyle Carlsbad Village (2020) and the 106-unit The Lofts at Carlsbad Village (2021). The average household income within 5-minutes of the property is $117,000+.
According to Mike Lin, “The excellent location in the heart of Carlsbad, new modern construction, e-commerce resistant tenant mix and nearby attractions made the property very desirable. Not only did the property go from listing to close within 90 days, we were able to sell the center for 98% of the asking price”.
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1,200 lease and sales transactions valued at more than $1.8B in over 35 cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals.