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Deal of the Week - Lease

Noodles lease in Carlsbad

The lessee in the Deal of the Week was represented by Danny Fitzgerald and Pasquale Ioele, of Cassidy Turley and Sharon Carmichael, of Terranomics Retail Services. The lessor was represented by Matt Moser, of Retail Insite.

The deal was a leasehold by Noodles & Company (Nasdaq: NDLS) of 2,837 square feet of retail space in Palomar Airport Commons at 2521 Palomar Airport Road, Suite 6-107, Carlsbad, from Sudberry Properties. The property was leased for 12 years at $2 million.

The recently completed 185,000-square-foot community shopping center at Palomar Airport and El Camino Real is anchored by an approximately 155,000-square-foot Lowe's (NYSE: LOW) home improvement center.

Other tenants in the multi-building complex include California Bank & Trust, a 16-pump Acacia gas station and car wash, and restaurants Chipotle's Mexican Grill, 5 Guys Burgers & Fries, Panera Bread and Jersey Mike's (a 1,204-square-foot space, at 2521 Palomar Airport Road, for 10 years at $614,040 in late 2012). Fitzgerald, Ioele and Moser handed the Jersey Mike's transaction.

The community center was built on the approximately 16-acre site which had been occupied by the former Olympic Resort Hotel & Spa.

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