Investment and development firm Tooley Interests has acquired Carlsbad Village Plaza in North San Diego County from Balboa Retail Partners for $23.5 million. Tooley Interests purchased the property as a redevelopment play.

Carlsbad Village Plaza is on four acres at Carlsbad Village Drive and the I-5 Freeway. The 58,735-square-foot property has a diverse mix of tenants, including a Smart & Final Extra, which serves as the anchor for the property, along with local restaurants and service retailers.

While the property has a strong and stable mix of tenants, the property will benefit from the new ownership's planned capital investment. According to Newmark senior managing director Glenn Rudy, the property offers a "best-in-market location with the ability to transition the asset for the future with new tenants and a capital plan to freshen up the physical plant for the area's discerning customer." Rudy along with Newmark senior managing directors Rob Ippolito and vice chairman Pete Bethea represented the seller in the transaction.