EDENS Acquires The Forum in Carlsbad from Northwood Investors and Nuveen in 263,000-SF Deal
EDENS has acquired The Forum, a 263,000-square-foot open-air retail center in Carlsbad, California, from a joint venture between Northwood Investors and Nuveen, the company announced Sept. 24. Eastdil Secured represented the sellers in the transaction.
The property, located at 1923 Calle Barcelona in Carlsbad, sits on approximately 33 acres at the intersection of Calle Barcelona and El Camino Real in North County San Diego. The center was originally developed in 2004 and later underwent a renovation under prior ownership.
Property and Tenant Profile
The Forum is anchored by specialty grocer Jimbo's Naturally and features a tenant roster that includes Apple, Vuori, Anthropologie, Warby Parker, The Henry, Ulta, lululemon, Urban Outfitters, Urban Plates, Madewell, Free People and Sur La Table. The concentration of grocery, apparel, beauty, restaurant and experiential tenants positions the center across categories that have demonstrated consistent consumer traffic in the current retail environment.
"The Forum is an irreplaceable, high-performing property in a market where we see enduring strength," said Jami Passer, Chief Investment Officer at EDENS. "This acquisition is a significant step in our Southern California expansion and reflects a broader strategy of investing in places with strong community relevance and the potential to become more compelling over the long term."
EDENS Expands California Footprint
The acquisition brings EDENS' California portfolio to 12 properties totaling approximately 2.1 million square feet and $1.4 billion in asset value. The company's California holdings now include The Forum in Carlsbad, The Shops at La Jolla Village, Long Beach Exchange and Strawberry Village in Marin County, among others.
Nationally, EDENS owns, operates and develops 93 open-air retail and mixed-use destinations across high-growth markets, reaching an estimated 15 million people daily. Established in 1966, the firm is privately held.
San Diego Retail Market Context
The deal comes as San Diego retail fundamentals remain relatively tight. Vacancy in the market stood at 4.5% in the second quarter of 2026, up just 20 basis points year over year, while average asking rents reached $2.38 per square foot per month, a 0.96% increase over the prior year. Net absorption was negative by approximately 22,000 square feet during the quarter, though the under-construction pipeline contracted to roughly 290,000 square feet — down about 16% year over year — limiting the prospect of significant new competing supply.
Pricing data for the San Diego retail market in the second quarter of 2026 showed average sale prices ranging from $405 to $446 per square foot and average cap rates between 5.4% and 5.8%, depending on the dataset. Those figures reflect market-wide averages and are not specific to The Forum transaction.
San Diego's constrained developable land, high construction costs and lengthy entitlement process have historically limited new retail supply, conditions that support rents and occupancy for well-positioned existing centers. The Forum's coastal North County location, where replicating a large established open-air center would be difficult, aligns with EDENS' stated focus on supply-constrained markets with durable demand drivers.
Transaction Background
Northwood Investors and Nuveen held The Forum as a joint venture prior to the sale. Eastdil Secured advised the selling joint venture on the disposition.
The Forum represents EDENS' continued push into Southern California, a region where the firm has assembled a portfolio of open-air retail assets serving affluent coastal and urban submarkets.
Sources
EDENS Press Release: EDENS Acquires The Forum in Carlsbad, California