**Steerpoint Capital Acquires Major Portion of The Shoppes at Carlsbad with $42.9M Loan from Archway Capital**
Archway Capital LLC has closed on a $42.9 million loan to Steerpoint Capital for the acquisition of a significant portion of The Shoppes at Carlsbad, a major retail center located at 2525 El Camino Real in Carlsbad, California. Jessica Carter, Vice President of Loan Originations at Archway, facilitated the transaction on behalf of the borrower.
The property in question is a 98-acre retail destination encompassing approximately 1.1 million square feet. Steerpoint acquired 727,000 square feet of the center, which is currently 74% leased. The tenant roster for the acquired portion includes prominent national brands such as Yard House, The Cheesecake Factory, Hollister, American Eagle Outfitters, Dave & Buster’s, 24 Hour Fitness, and Regal Cinemas. Anchor stores Macy’s and JCPenney, which were not part of the transaction, continue to operate on the site.
The loan represents Archway Capital’s largest transaction to date and is noted as one of the most complex deals the company has executed. As part of the investment, Steerpoint has allocated and capitalized $4 million towards property enhancements. Planned improvements include upgraded entrances, renovated common area seating, updated bathroom facilities, and the addition of modern digital signage.
This strategic acquisition underscores growing investor interest in well-located, mixed-use retail assets and highlights Steerpoint’s commitment to revitalizing key commercial properties.
