Carlsbad, Calif. — Archway Capital has provided a $42.9 million loan for the acquisition of a major retail portion of The Shoppes at Carlsbad, a 1.1 million-square-foot regional shopping center located in Carlsbad, roughly 35 miles north of San Diego. The borrower was Los Angeles-based Steerpoint Capital. The portion that was acquired comprises 727,000 square feet and is currently 74 percent occupied with a tenant mix featuring Yard House, The Cheesecake Factory, Hollister, American Eagle Outfitters, Dave & Busters, 24 Hour Fitness and Regal. The anchor tenants at the center, which include Macy’s and JCPenney, were not a part of the sale.
Additionally, Steerpoint Capital allocated $4 million for improvements to the property such as upgrading the entrances, enhancing common area seating, adding digital signage and renovating the bathrooms.