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12/13/18
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A joint venture between SteelWave LLC and funds managed by Angelo Gordon recently closed on the purchase of a 208.9k sf creative office/R&D campus in Carlsbad. The single-story, multi-tenant property, situated on over 13 acres at 2051 Palomar Airport Rd, was sold by Palomar Acquisitions Partners LLC.
Originally developed as a build-to-suit campus for Hughes Aircraft Co. in the early 1980s—with a series of renovations over the decades since—the new owner plans for significant interior and exterior upgrades and improved amenities that will completely enhance and modernize the project. In addition, SteelWave and Angelo Gordon are embarking upon a full re-brand of the campus that will both honor the property’s history while embracing its future as a vibrant new creative environment that will predominantly target tech, biotech and creative industry tenants.
Enhancements being made to the campus are to include a new full-service fitness center, a new bistro with indoor/outdoor seating, contemporary architecture, common areas with gaming and lounge areas, and multiple outdoor patios and workspaces. These upgrades will complement existing features such as extensive glass lines garnering natural light, abundant parking, and convenient accessibility to I-5 and its position across from McClellan-Palomar Airport.
Aric Starck and Rick Reeder with Cushman & Wakefield represented the seller in the transaction. The price was not disclosed.
Starck said, “Carlsbad is an ideal choice for this type of redevelopment into a lifestyle campus.
Carlsbad has become a hot bed for high-tech, biotech, and medical device companies that are looking for amenity-rich environments so that they can recruit and retain the top talent. The North County market currently has unmet demand for this type of space and no new coastal sites for future development opportunities of this size or scope.”
The property was approximately 55% vacant at the time of sale, to which Reeder said, “A health and science tenant in the project recently restructured their real estate needs resulting in a large block of available space—though the company still maintains a notable presence in the building. This vacancy provides the new owner an excellent opportunity to add value through the repositioning and subsequent lease-up of the newly refurbished spaces, to either mid-size or larger users.”
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