Steerpoint Capital and SteelWave Acquire The Shoppes at Carlsbad

The $71.5 million acquisition of the regional mall is the latest transaction completed through the firms' joint venture platform.

CARLSBAD, Calif., Sept. 23, 2025 /PRNewswire/ -- Steerpoint Capital, in a joint venture with SteelWave, announced today the acquisition of The Shoppes at Carlsbad, a 1.1 million-square-foot regional shopping center in Carlsbad, Calif. The $71.5 million transaction highlights the partners' strategy of targeting well-located, high-performing retail destinations in growth markets across the Western United States.

Located in northern San Diego County, The Shoppes at Carlsbad sits just off Interstate 5 at SR-78 in one of Southern California's most vibrant coastal communities, within easy reach of Orange County and San Diego. With this acquisition, Steerpoint Capital is adding powerhouse brands already thriving at the property—including Dave & Buster's, Sephora, Zara, and Regal Cinemas—to its fast-growing retail platform, while reinforcing partnerships with dining leaders Yard House and The Cheesecake Factory. Combined with the center's 2017 renovation, these relationships position The Shoppes at Carlsbad as a premier destination for shopping, dining and entertainment.

"This acquisition highlights our strategy of securing high-quality assets at a low basis in markets with undeniable strength," said Jack Steger, Director of Investment and Development. "The Shoppes at Carlsbad combines irreplaceable real estate with powerful demographics, and we see tremendous opportunity to drive long-term value for both our tenants and the community."

The acquisition marks the second transaction completed by Steerpoint and SteelWave under their joint venture platform, underscoring their conviction in the future of regional shopping centers that blend retail, dining, and entertainment in growing markets.

"Acquiring The Shoppes at Carlsbad represents a unique opportunity to invest in a property that combines strong fundamentals with a prime location in one of Southern California's most desirable communities," said Bo Okoroji, Founder & CEO of Steerpoint Capital. "We're excited to continue growing our partnership with SteelWave and unlock long-term value for tenants, shoppers and the Carlsbad community."

About Steerpoint Capital
Steerpoint Capital is a privately held real estate investment and advisory firm focused on the acquisition, repositioning and long-term transformation of large-scale retail and mixed-use properties across the United States. Founded by industry veteran Bo Okoroji, Steerpoint partners with institutional investors, family offices and developers to unlock value through creative structuring, disciplined asset management and strategic reinvestment. With a growing portfolio of retail destinations and a proven track record in complex transactions, Steerpoint is redefining how legacy assets are reimagined for the next generation of commerce, community and connection. For more information, visit SteerpointCapital.com.

About SteelWave
Leading our clients and partners into a new era of real estate.  SteelWave is a privately held full-service creative life science, creative office, and industrial real estate development and management company. SteelWave and its predecessor companies, Legacy Partners Commercial and Lincoln Property West, have been active in commercial real estate for over 50 years, building a reputation for successful execution by sourcing sound investments in our target markets: Northern California, Southern California, Denver, Seattle, Portland, Texas, and Phoenix.  SteelWave crafts exceptional environments, forges strong relationships and creates enduring value for each and every user, partner, and investor. Today, SteelWave maintains a portfolio of high-quality commercial, residential, and mixed-use properties totaling more than 13.7 million square feet.  Since inception, our team has acquired, designed, developed, entitled, and/or managed 61.3 million SF of industrial space, 51.2 million SF of office product, over 1.3 million sf of mixed-use, 1,500 multifamily units, and 7.8 million SF of life science R&D, representing an investment of over $17.6 billion. Our clients include some of the world's most influential companies in tech, media, healthcare, biotech, and professional services.  For more information, visit: steelwavellc.com.

Media Contact
Joey Good
Grapevine Strategies

SOURCE Steerpoint Capital