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9/08/14
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Pacific Ridge Commerce Center, a 52.4k sf office and industrial park in Carlsbad, has been sold for $5.8 mil ($111/sf). The new owners, Sunwood Pacific Ridge LLC of San Diego, plan significant renovations to the project, which will be renamed Sunwood Pacific Ridge.
Located at 1945 and 1947 Camino Vida, north of Palomar Airport Rd, Sunwood Pacific Ridge consists of a two-story office building and a multi-tenant industrial building with suites ranging from 1k sf to 3k sf in size. Both buildings feature exposed aggregate exteriors and extensive use of glass. The office building is elevator served.
Marc Doyle, Managing Director with Cassidy Turley, represented the buyer, a subsidiary of Sunwood Ventures. Kent Moore, Senior Vice President with Cassidy Turley, repped the seller, Betty Ann Robinson Trust. Financing for the project was provided by Sunwest Bank of Irvine.
“Sunwood plans a capital investment to upgrade and modernize this project to appeal to savvy companies seeking a professional, yet value-oriented leasing option,” said Doyle. “Sunwood recognized the upside potential of this project due to its prime Carlsbad Palomar Airport location and multi-tenant configuration, which is ideal for small and growth-oriented firms.”
“This project is designed to serve the entrepreneurial businesses that make up such a large part of the Carlsbad economy,” said Moore. “Suites can be joined for larger spaces; there is ample convenient parking; and tenants enjoy an exceptional location just off Palomar Airport Road and minutes from Interstate 5.”
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