Here’s one of our local Carlsbadistan development companies that we’ve never heard of before: Terramar Retail Centers LLC of Carlsbadistan has just paid $115 million for El Paseo de Saratoga, a 341,000-sf open-air retail development in San Jose, California according to a story on GlobeSt.com.
Terramar currently owns and operates 3.7 million sf in 20 neighborhood, community, specialty and power centers in Oregon Washington and California, including the Target-, Lowe’s- and Kohl’s-anchored Plaza at Golden Valley now under development in Santa Clarita, CA. Bowers says the company is actively expanding its portfolio through acquisitions, new development and redevelopments of retail centers on the West Coast, including Mexico.
And Terramar is reportedly “well capitalized” and can buy all this retail space “without financing.” The big money in Carlsbad isn’t all golf and biotech, huh?
[Link: GlobeSt.com]
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