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4/15/22
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RPG has closed on the recapitalization sales of two Class A creative office and mixed-use office/retail assets in Carlsbad. The properties had a combined building value of $86 mil at the time of transaction.
Transacted separately, the recapitalizations consisted of Fusion, a recently transformed 121.5k sf, Class A creative flex building that is fully leased, and nearby Lift, San Diego’s first-ever creative mixed-use ground-up development consisting of two Class A loft-style buildings totaling 53.2k sf.
Fusion was acquired by New York-based Clarion Partners LLC with a full building value of $54 mil. Located at 1950 Camino Vida Roble, Fusion underwent a significant interior and exterior renovation in early 2020 and was completely recreated by RPG to reflect a massive conversion of what was formerly an industrial/distribution facility into a more creative Class A creative flex project with extensive glass lines and high ceilings. The property is fully leased to Alphatec Spine (Atec Spine), a medical technology company based in Carlsbad. Cushman also brokered the lease on behalf of RPG which was signed in late 2019.
Lift comprises two buildings in the award winning, master-planned community of Bressi Ranch and was acquired in early January by Lift Innovation Way LLC with a full building value of $32 mil. 6023 Innovation Way (Building A) consists of two full floors of creative office space totaling 33.8k sf and 6021 Innovation Way (Building B) totals 19.4k sf composed of 8.7k sf of ground floor restaurant space and 10k sf of second floor creative office space. The revamped development, which emphasizes quality, features a multi-purpose lawn, outdoor BBQ areas, fire room lounge, outdoor meeting hubs, an amphitheater, rooftop decks on both buildings, and onsite high-end restaurants/eateries.
Aric Starck and Drew Dodds with Cushman & Wakefield represented RPG in both transactions. Starck also handled the sales of both assets when they were originally purchased by RPG.
C&W also brokered the existing leases in the Lift project on behalf of RPG, including tenants such as Ezoic, a leading artificial intelligence platform for publishers, Honma Golf, a leading golf equipment company and Coola Skincare, a supplier of high-end cosmetic sunscreen.
“These were exceptional investment opportunities of two superior quality, 100% leased creative coastal assets situated in one of Southern California’s most appealing live/work/play communities. Their locations are surrounded by dozens of major corporate neighbors, an abundance of amenities including dining, shopping and lodging and recreation, and are well positioned near the beach, Interstate 5 and the McLellan Palomar Airport,” noted Starck. “Employers remain attracted to Carlsbad to capture its highly skilled labor force and convenient infrastructure.”
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