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1/06/15
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Hines and Oaktree Capital Management L.P. have teamed up in a Carlsbad office/R&D property buy. The venture acquired 2051 Palomar, a 178.6k sf project on a 13-acre site, west of El Camino Real and just south of McClellan-Palomar Airport. Oaktree’s investment was made on behalf of a real estate fund they manage.
The project is currently 64 percent leased to two tenants, including: Activision Blizard Inc and Melles Griot (CVI Laser Optics). The new ownership plans to make comprehensive improvements to the building facade and interiors, as well as upgraded landscaping. These upgrades, along with improving market fundamentals, are expected to help drive leasing momentum and tenant satisfaction.
The seller was represented by Greg Mills, Michael Lawrence, Ben Tashakorian and Alex Jize of Marcus & Millichap. Hines has assumed on-site property management responsibilities on behalf of the joint venture. The transaction price was not disclosed.
Located 35 miles north of downtown San Diego and 50 miles south of Irvine, the Carlsbad submarket offers alternatives to other submarkets by focusing on ease of access and lifestyle. 2051 Palomar is located in the heart of the Carlsbad submarket and boasts prominent visibility from the main parkway. With direct access to Palomar Airport Rd, the property provides easy access to local amenities.
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