Brookfield Sells SoCal Mall at Discount, Steerpoint and Steelwave Scoop Up Bargain
Toronto-based Brookfield Properties offloads The Shoppes at Carlsbad to Los Angeles-based Steerpoint Capital and San Mateo-based Steelwave at a discounted price.
Another one bites the dust for Brookfield Properties as they recently sold a portion of their shopping mall, The Shoppes at Carlsbad, in Southern California. The 727,000-square-foot main portion of the property was purchased by a joint venture between Los Angeles-based Steerpoint Capital and San Mateo-based Steelwave for $71.5 million, according to Commercial Observer. However, the sale did not include the mall's anchor tenants such as Macy's and JCPenney.
The Shoppes at Carlsbad, located at 2525 El Camino Real, spans a total of 1.1 million square feet. Currently, the shopping center has an occupancy rate of 74%, as reported by CO. This marks a significant decrease from Brookfield's acquisition of the property in 2015 for $170 million.
Despite the discounted sale, the mall remains a desirable location for retailers and consumers alike. The prime location and diverse tenant mix continue to attract visitors to the property.
"We are excited to continue to add value to this asset and are confident in its long-term success," said Steelwave CEO, Barry DiRaimondo, in a statement to CO.
The sale of The Shoppes at Carlsbad is just one of many recent property sales for Brookfield Properties. The company has been actively selling off their assets in an effort to streamline their portfolio and focus on their core holdings.
It seems that Steerpoint and Steelwave were able to capitalize on this opportunity and snag a bargain deal on a prime Southern