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May 28, 2020
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Carlsbad Creative R&D Campus Trades for $23 Mil


Element, a multi-building 83.2k sf campus in Carlsbad has sold for $23.1 mil, or $278/sf. The property was 100% leased to seven tenants at the time of sale.

Element consists of three buildings located at 2232, 2234 and 2236 Rutherford Rd, north of Palomar Airport Rd between College Blvd and El Camino Real. The suites feature creative office finishes which include open ceilings, exposed HVAC, and extensive glass. Additional contemporary design elements include glazed cement flooring, and glass roll-up doors that combine to create unique progressive work environments. The common areas are also amenitized.

Nelli-Regen Three LLC was the buyer of the creative industrial / research and development complex. The seller, Alvarez & Marsal Capital Real Estate LLC, was represented by Aric Starck with Cushman & Wakefield San Diego.

“Element provided an opportune investment of a rare, fully leased multi-tenant property in the prestigious Carlsbad Research Center within the desired Carlsbad submarket,” commented Starck. “The campus has recently completed significant creative office renovations to meet today’s demand, while the diverse tenant roster consists of market-leading technology, action sports, apparel, and medical device companies.”

Starck added, “Adding to the attractiveness, currently, no new spec creative or multi-tenant flex-industrial product is under construction in Carlsbad, which helped make this project even more sought after.”

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