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April 5, 2020
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Harbor Associates Pays $34 Mil for Carlsbad Office Park


Long Beach-based Harbor Associates has acquired Cornerstone Corporate Center, a 177.9k sf, Class A office park in Carlsbad, for $34.2 mil ($192/sf). The multi-tenant, multi-building asset was sold by Salt Lake City-based Wasatch Group.

Cornerstone Corporate Center comprises four buildings located at 1900, 1902 and 1903 Wright Place and 1917 Palomar Oaks Way. It is situated on 14.19 acres at the intersection of Palomar Oaks Way and Wright Place. It was 50% leased at time of sale.

Developed between 1998 and 2001, the buildings comprise a single two-story building and three three-story buildings. Property highlights include exceptional landscaping, ample parking, and unique and exquisite red-slate finishes on each of the buildings. The property has excellent proximity to San Diego County’s largest base of executive housing and is also close proximity to McClellan-Palomar Airport, San Diego County’s busiest private airport.

Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego represented the seller. Matty Sundberg and Justin Halenza, also with C&W, provided leasing advisory services.

“Overall, San Diego’s underlying market fundamentals are extremely healthy, which has led to a significant increase in investor demand for quality real estate opportunities throughout the County. Carlsbad, which posted 515k sf of positive net absorption in 2019 to lead all San Diego submarkets, is generating a buzz within the investment community,” noted Tecca. “Investors are taking notice of Carlsbad’s strong tenant demand from companies within key growth industries, no new office construction, vacancy rates that are projected to drop to 10% by the end of Q2 2020, and the strong likelihood of a near-term sharp spike in achievable rental rates. The Carlsbad story is quite compelling.”

“Situated in the Carlsbad Airport Business Centre, a premier master-planned business park, Cornerstone Corporate Center resides in an excellent suburban office environment with prominent visibility in North County. Furthermore, the property has been institutionally managed and offers an abundance of active and social outdoor amenities, including shower/locker facilities, lap pool, barbecue & patio area, sand volleyball court plus efficient floor plates that positioned the asset extremely well in the marketplace,” Reeder added.

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