The Shoppes at Carlsbad In San Diego's North County Sold For $71.5 Million

The Shoppes at Carlsbad, a long-standing North County retail landmark, has been sold in a $71.5 million transaction to a joint venture between Steerpoint Capital and SteelWave. The deal, announced September 23, marks the second acquisition completed by the partners under their growing platform targeting major retail and mixed-use properties across the western United States.

The 1.1 million-square-foot regional center sits off Interstate 5 at State Route 78 in Carlsbad, one of Southern California’s busiest coastal corridors. The purchase focuses on roughly 727,000 square feet of the mall’s core space and does not include anchor tenants such as Macy’s and JCPenney. Archway Capital provided a $42.9 million loan to finance the acquisition, with about $4 million reserved for property improvements including refreshed entrances, seating, and restrooms. The sales price comes to about $98 per square foot, significantly less than the $170 million Brookfield is reported to have paid for the mall in 2015 before leading a renovation in 2017.

The Shoppes at Carlsbad is home to more than 120 stores and restaurants, with a tenant roster that includes Dave & Buster’s, Sephora, Zara, Regal Cinemas, Yard House, and The Cheesecake Factory. While the property maintains a strong mix of shopping, dining, and entertainment, occupancy currently hovers around 74 percent, leaving the new ownership with opportunities to reactivate the space and reconfigure portions of the center.

Steerpoint and SteelWave leaders described the purchase as a chance to invest in a high-traffic location with long-term growth potential. They have expressed confidence in the mall’s demographics and regional draw, citing plans to build on the 2017 renovation and enhance the property’s role as a community destination.

The mall originally opened in 1969 as Plaza Camino Real and has undergone several rebrandings and ownership changes over the decades. It has long served as a key retail destination for North County residents and tourists, drawing visitors from across San Diego and Orange counties with its proximity to the coast and attractions such as LEGOLAND.

The acquisition underscores a broader trend of real estate investors seeking to reposition regional malls into lifestyle-driven destinations that combine shopping with dining, entertainment, and community experiences. For Carlsbad, it marks the beginning of a new chapter in the evolution of one of the area’s most recognizable retail centers.

Originally published on September 29, 2025.