The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
May 28, 2020
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
RAF Pacifica Group Spends $60 Mil on Five Properties in Carlsbad


San Diego-based RAF Pacifica Group (RPG) recently acquired a five-property portfolio of creative and value-add assets in Carlsbad. The six-building purchase consists of one two-building creative-office campus, three creative industrial buildings, and one value-add industrial building, for a total price of $59.6 mil.

“The properties align perfectly with our firm’s strategy of owning well-located, modern, creative and value-add assets in North County,” noted Adam Robinson, President of RPG. “Carlsbad attracts a tenant mix consisting largely of biotech, cleantech, communications, and action-sports companies, and we are in an ideal position to meet their real estate needs with these properties.”

One of the properties is a 67.5k sf, value-add single-tenant industrial property at 6305 El Camino Real. It was acquired from an institutional owner for $10.5 mil ($156/sf). ViaSat, a communications company that is consolidating its corporate campus to a collection of newly developed facilities three blocks north of the property, will be vacating the building. RPG plans to add value to the building through strategic lease-up of the existing vacancy.

The remaining parcels adjacent to the site were purchased by ViaSat in 2015 for approximately $40 per square foot. Robinson notes that rising construction costs and limited land availability are making industrial product of this type and location more difficult to develop.

The property offers 20-foot clear height, seven dock-high doors, and 195 parking stalls (including tandem) and includes approximately 28.9k sf of office space, 28.9k sf of R&D space, and 9.6k sf of warehouse space. Existing improvements to the facility, which was constructed in 1980, also added to its appeal and value for RPG.

Enhancements to 6305 El Camino Real include R&D lab space, VCT flooring, a full locker room, modern kitchen, and open office space. The building is also 100% HVAC improved, and the existing six glassed-in dock-high loading doors and warehouse allow for flexible lease-up strategies. The docks also provide excellent light into the existing R&D space and, if restored to original working order, will provide above-standard loading capabilities to the project.

The property also benefits from street-front signage, excellent curb appeal, and two points of ingress and egress from El Camino Real. Centrally located in Carlsbad, the project enjoys ease of access to I-5, I-15, and the 78 Freeway, as well as direct access to nearby executive neighborhoods.

Aric Starck of Cushman & Wakefield represented both RPG and the seller in the transaction.

RPG purchased three properties in the Carlsbad Research Center from A&M CapRE Aston LLC: 2320 Faraday Avenue, 2320 Faraday Avenue, and 1905 Aston Avenue. All three properties are located steps from the beach, within walking distance of commuter trains, and adjacent to numerous retail amenities.

2320 Faraday Avenue, a 23.4k sf building, and 2330 Faraday Avenue, a 17.5k sf building, are adjacent, fully occupied, creative industrial assets, acquired for a total consideration of $12.8 mil. Each building offers 16-foot to 18-foot clear heights, two grade-level loading doors, 1,000 amps of 277-480 volts, and a parking ratio of 3.5/1,000 square feet.

“The assets’ adaptability to single- or dual-tenant floorplans—with 2330 Faraday also adaptable to a spec-suite floor plan—was very appealing to our firm,” Robinson comments. “We noted that each of these buildings is suitable for interior creative-office improvements such as open floor plans, modern-designed conference rooms, indoor kitchens and gathering areas, and exterior tenant improvements that would enhance their value include glass roll-up doors, wood/concrete outdoor benches, wood cladding over existing concrete panels, an outdoor kitchen, bocce-ball court, and drought-resistant landscaping.”

Both buildings are located in the heart of the Carlsbad Research Center amongst some of the nation’s most prominent manufacturing and technology companies, increasing their tenant appeal. They are situated just minutes from Palomar Airport, Interstate 5 Freeway, and the Pacific Ocean; within 30 minutes of Highway 78 and Interstate 15 Freeway; 35 minutes from Orange County; 40 minutes from Downtown San Diego; and less than an hour from the U.S./Mexico border. The properties are also in close proximity to a wide variety of national-credit supermarkets, restaurants, home-improvement stores, and drug stores.

Aric Starck of Cushman & Wakefield represented both RPG and the seller in the transaction.

1905 Aston Avenue is a 48.8k sf creative industrial R&D and corporate-headquarters facility, which RPG acquired for $12.4 mil ($254/sf). Aric Starck represented both RPG and the seller in the transaction.

RPG has acquired another fully leased property in Carlsbad: Avenida Crossing, a newly renovated, two-building, 68.4k sf, multi-tenant contemporary creative office campus at 5993 and 5999 Avenida Encinas. The property, which was purchased from Avenida Encinas LP for $23.9 mil ($349/sf), is near the Carlsbad Research Center, in close proximity to the beach, trains, and retail amenities. RPG is planning to add value to the property through a series of renovations and upgrades.

Aric Starck, Rick Reeder, and Dennis Visser of Cushman & Wakefield represented both RPG and the seller in the transaction.

Return to the Archive page





Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media