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4/26/17
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A high net-worth 1031 exchange buyer purchased a 64.2k sf creative office/industrial asset in Carlsbad for $11.25 mil, or $175/sf. The property, located at 5858 Dryden Place, was 98% leased by 44 tenants.
The facility includes high-end creative office portion used as executive suites and a warehouse space currently being used by The International Floral Trade Center. The warehouse portion, which comprises 75 percent percent of the building, is 100% leased to 20 wholesale floral vendors with a waiting list.
The office space features executive suites professionally operated by www.smalloffices4rent.com, a well-established operator with multiple San Diego locations. Recently opened in June 2016, the office portion is already now 98% leased to various local companies.
CBRE’s Matt Pourcho, Gary Stache and Anthony DeLorenzo represented the seller, Sunroad Enterprises.
“This business concept started in Carlsbad 26 years ago where wholesale floral vendors can lease their desired space and service the San Diego County floral demand from one location,” said Pourcho. “The tenants benefit from the synergy of the market. It’s a great setup.”
“We are seeing a lot of interest from 1031-exchange buyers looking to invest in safe and income-producing assets in well-established markets across Southern California,” said Stache. “This property provided a particularly unique scenario as it’s a great hybrid concept that is meeting the high demand in both segments, office and industrial.”
North County’s overall industrial vacancy rate boast an industrial vacancy rate lower than in both Center and South San Diego. Industrial rents are expected to climb 19.3 percent over the next 3 years in North County San Diego, according to CBRE Research.
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