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December 16, 2018
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Seattle Investment Entity Pays $17 Mil for Carlsbad Office Property


Palomar Crest Corporate Center, an 81.8k sf office building in Carlsbad, was acquired by a Seattle-headquartered advisory firm for $17 mil, or $208/sf. The two-story building sits on 5.36 acres at 2701 Loker Avenue West, at the highly visible, signalized intersection of Palomar Airport Rd and Loker Ave.

Palomar Crest Center offers an appealing and dynamic suburban setting within Carlsbad’s Oak East Business Park. The project is within steps of numerous restaurants, retailers and hospitality services and is a short walk of Bressi Ranch Retail Center, plus additional amenities currently under construction including the Uptown Bressi Ranch mixed-use center. It also provides convenient access to freeways and excellent proximity to business centers and residential communities.

Rick Reeder, Brad Tecca and Matty Sundberg with Cushman & Wakefield represented the seller, an unnamed global investment manager.

“Positioned in one of San Diego County’s most sought-after submarkets, Palomar Crest Center consists of high quality office space with distinctive architectural designs, well-appointed interior finishes, flexible floor plates, and generous parking on all four sides of the building,” noted Reeder. “Currently 77.1% leased, Palomar Crest Corporate Center provides a high-image corporate address for its diverse collection of tenants that represent a variety of industries such as technology, law, energy, real estate, professional staffing/training, all which provide the buyer with stable cash-flow and balanced rollover.”

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