EDENS Acquires The Forum Carlsbad From Northwood Investors and Nuveen Real Estate
EDENS, a national owner and developer of open-air retail and mixed-use properties, has acquired The Forum Carlsbad, a roughly 265,000-square-foot shopping center in Carlsbad, California, from Northwood Investors and Nuveen Real Estate, the sellers announced Sept. 24.
The Forum Carlsbad Sale: Deal Details
The Forum Carlsbad sits on about 34 acres at 1923 Calle Barcelona, Carlsbad, CA 92009. The center opened in 2004. Northwood Investors and Nuveen Real Estate announced the sale to EDENS, and transaction-tracking data indicates the deal closed Sept. 28, 2026.
EDENS already owns San Diego County retail properties, including The Shops at La Jolla Village and Bonita Centre, along with other holdings in Northern and Southern California. The Forum adds to that regional footprint.
Northwood Investors and Nuveen Renovations Before the Sale
Northwood Investors and Nuveen said they carried out a series of renovations, tenant changes and other improvements before the sale. The work included new paint, landscaping, and directional and monument signs, along with redevelopment of the former Bed Bath & Beyond space.
The owners added retailers and restaurants including The Henry, Vuori, gorjana, Tecovas, Alo, SusieCakes and Abercrombie & Fitch, and expanded the Apple store. Aritzia and Barry's are also expected to open at the center, according to the announcement. Northwood reported the center was approximately 94.5% leased during its 2022 repositioning program.
The owners also introduced events including Art and Wine Walks and Discovery Days, while continuing established activities such as the Halloween Spooktacular and the annual holiday tree-lighting celebration.
Executives Comment on the Transaction
Ward Kampf, president of Northwood Retail, said in a news release that the ownership group sought to strengthen the center's mix of dining, fashion and service businesses.
"With a strong familiarity with the asset, drawn from my experience developing it over 20 years ago, we created and completed a tailored, clear business plan, leading to our second successful transaction with EDENS in the last five years," Kampf said.
Ryan Boan, U.S. head of retail transactions at Nuveen Real Estate, said the partnership had focused on improving the property and changing its tenant lineup before the sale.
"The sale to EDENS represents an excellent outcome and places the property with a best-in-class owner that understands the long-term value of premier open-air retail," Boan said in the announcement.
Tenant Mix at The Forum
Original tenants at the 2004 opening included Borders, Bed Bath & Beyond and Tilly's, which recently moved to Encinitas Ranch Town Center. Current tenants include Anthropologie, lululemon, Free People, Warby Parker, Madewell, Sur La Table, Casa de Bandini, Urban Plates and Jimbo's, among others.
Open-Air Retail Market Context
The sale comes as open-air retail fundamentals have remained firm. National retail vacancy was 4.4% in the first half of 2026, while open-air shopping-center vacancy was approximately 5.5% in the second quarter, compared with 8.5% for malls, according to Colliers. Retail net absorption rebounded to 10.2 million square feet in the second quarter of 2026.
First-quarter retail sales volume rose 31% year over year, and transaction cap rates were broadly stable with a slight downward bias. The median net-lease cap rate was 6.3%, down 10 basis points, against a 4.3% 10-year Treasury yield. Average open-air retail pricing was approximately $142 per square foot, 14% above the five-year average.
The Forum's tenant mix includes restaurant, fitness, fashion and service users, categories that overlap with the uses added during the sellers' repositioning. The transaction is the second between the Northwood ownership group and EDENS in five years, according to Kampf.
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