JLL Capital Markets has arranged the sale of The Beacon, a 122,167-square-foot neighborhood lifestyle retail center in Carlsbad, in a transaction valued at $91.3 million. Senior managing directors Geoff Tranchina and Gleb Lvovich, along with managing director Daniel Tyner, represented the seller, Asana Partners, in the disposition. The buyer is 11North Partners.
The Beacon occupies a 15.24-acre site at 7720-7790 El Camino Real, just off Interstate 5 in Carlsbad. Originally constructed in 1982, the property has recently undergone a comprehensive repositioning and renovation program carried out between 2020 and 2023. The work transformed the asset into a contemporary neighborhood lifestyle destination intended to appeal to a broad range of retail and service users.
The project is anchored by luxury fitness operator Equinox, which serves as a key traffic driver for the center. In addition to Equinox, The Beacon offers a curated mix of national, regional and local retailers and food-and-beverage operators. Named tenants include Arhaus, Sweetgreen, Shake Shack, Jeni’s Ice Cream, Pitfire Pizza and Lofty Coffee Co., underscoring the property’s focus on experiential and lifestyle-oriented concepts.
According to JLL, The Beacon ranks among the strongest-performing retail assets in the San Diego area. Tranchina noted that the property provides 11North Partners, as the new owner, with the opportunity to continue leasing remaining vacancies and to pursue additional value creation over the course of its hold period. The recent renovation, along with the established tenant roster and location near a major freeway, are positioned as key elements of the center’s performance profile.
The sale highlights ongoing investor interest in well-located, amenitized neighborhood lifestyle centers that have benefited from significant recent capital investment. With Asana Partners exiting its ownership and 11North Partners stepping in as the new owner, the transaction marks a transfer of a recently repositioned, operating retail asset between institutional investors.
