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9/13/13
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Alvarez & Marsal Capital Real Estate closed on it third major Class A investment deal in the just the past 90 days, paying $12.7 mil for Faraday Research Center, a 65.8k sf ($193/sf) R&D building in Carlsbad. It was sold by IDS Group.
Faraday Research Center is situated on a highly visible 4.59-acre site at 2251 Faraday Ave, in the heart of the master-planned Carlsbad Research Center. The single-story, reflective glass building is 73 percent leased to Abbott Labs, a biotech firm. Approximately 18k sf is available for lease.
Rick Reeder and Aric Starck of Cassidy Turley, along with Ron Jacobson of Madison Partners, represented the buyer as well as the seller. According to Reeder, Carlsbad’s steadily declining vacancy rate, strong amenity base and proximity to San Diego and Orange County is catching the eye of investors who previously were focused on the now stabilized markets of UTC, Del Mar Heights and Sorrento Mesa.
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