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CARLSBAD, CALIF. — Irvine, Calif.-based Faris Lee Investments has arranged the sale of a major portion of The Island @ Carlsbad, located at 5814 Van Allen Way in Carlsbad, for $23.6 million or $590 per square foot. The two-story retail center is located within Carlsbad Research Center, a master-planned office and R&D development totaling approximately 15 million square feet on 560 acres. The portion of the center sold in the transaction comprises 39,982 square feet, and includes tenants such as Carl’s Jr., U.S.
Healthworks, TD Waterhouse, First Future Credit Union, Randstad U.S. and The Islands Oasis Food Court. Dennis Vaccaro of Faris Lee represented the seller, Orange County, Calif.-based Island Property Partners LLC, et al. The property was acquired by Los Angeles-based Sero Properties in a 1031 exchange. In January, Faris Lee completed the $5.3 million sale of two buildings in the retail center, which were the only two not included in the present transaction. The buildings are occupied by U.S. Bank and 7-Eleven, and total 7,276 square feet.

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