The Village Faire Shopping Center, located in downtown Carlsbad at the corner of Carlsbad Village Drive and Carlsbad Boulevard, has been sold to a Santa Barbara-based real estate investment firm, Sima Corp., for $25.9 million.
Sima Corp. bought the 90,000-square-foot center early last month, said Kevin Burns, president of the privately held firm.
The Village Faire is home to several businesses including Coyote Bar & Grill, Mr. Peabody’s, Niemans Restaurant, Sonoma Market and Skinsations Day Spa. A popular downtown locale, the Village center attracts plenty of customers. In fact, downtown is often overcrowded in this area on weekend nights.
“We have strong demographics,” Burn said of Carlsbad’s upscale appeal. “Our plans are to improve the property and make it a stronger asset.”
On its Web site at www.sima.net the company describes itself as having expertise in turning around non-profitable properties into income-producers.
Founded in 1984, Sima invests in commercial and residential properties with a focus in the Western United States. They own one other property in San Diego County, Coronado Plaza, near the Hotel Del Coronado. Burns said the Village Faire property complements the firm’s other holdings.
Sima Corp. bought the 90,000-square-foot center early last month, said Kevin Burns, president of the privately held firm.
The Village Faire is home to several businesses including Coyote Bar & Grill, Mr. Peabody’s, Niemans Restaurant, Sonoma Market and Skinsations Day Spa. A popular downtown locale, the Village center attracts plenty of customers. In fact, downtown is often overcrowded in this area on weekend nights.
“We have strong demographics,” Burn said of Carlsbad’s upscale appeal. “Our plans are to improve the property and make it a stronger asset.”
On its Web site at www.sima.net the company describes itself as having expertise in turning around non-profitable properties into income-producers.
Founded in 1984, Sima invests in commercial and residential properties with a focus in the Western United States. They own one other property in San Diego County, Coronado Plaza, near the Hotel Del Coronado. Burns said the Village Faire property complements the firm’s other holdings.