Berkadia Closed the Sale of the 146-key Carlsbad by the Sea Hotel, Carlsbad Windmill Building, and Chevron Gas Station in Carlsbad, California
SAN DIEGO, CA– May 19, 2023 – Berkadia announced today the sale of the Carlsbad by the Sea Hotel, a 146-key independent hotel, the Carlsbad Windmill Building, a 28,400 square feet retail center, and the Chevron gas station in Carlsbad, California. Managing Directors Scott Hall, John Chu and Ed Rosen and Senior Directors Aaron Lapping and Tyler Sinks of Berkadia San Diego led the transaction on behalf of Washington Capital Management, Inc. on behalf of their client.
The property sold to a local hotel investment company.
“The unique balance of long-term upside and diversified in-place income streams from the hotel and various retail tenants created significant interest in the property,” said Hall. “Given Carlsbad’s strong underlying fundamentals and the high barriers-to-entry in coastal North County San Diego, Excel Hotel Group is well-positioned for future success as the next stewards of this fantastic real estate.”
The property sits on a contiguous three-parcel, 11.34-acre site. The property is strategically located near many of North County’s attractions, including world-famous beaches, charming coastal communities, LEGOLAND, and the Carlsbad Premium Outlets Mall. It is also close to several high-profile business parks and numerous corporate headquarters (Callaway Golf, TaylorMade, ViaSat). The property has convenient accessibility to Interstate-5, offering connectivity throughout San Diego, including Carlsbad Village, Encinitas, Oceanside, and the Highway 78 corridor.