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10/24/13
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Regent Properties has purchased Faraday Corporate Center, a 229.8k sf, Class A office building in Carlsbad, for $40.4 mil ($175/sf). The property, sold by DRA Advisors LLC, is located at 2200 Faraday Ave, west of El Camino Real and north of McClellan-Palomar Airport.
Faraday Corporate Center is a two-story, Class A corporate HQ facility located in the prestigious Carlsbad Ranch area. The project is within walking distance to retail amenities and offers abundant surface parking with 4.5 spaces per 1,000 square feet.
Serving office and R&D users, the building is 87% leased to four tenants including NetGear, Legend 3D, Catalina Restaurant Group and Rockstar Games. Space available ranges from 13.5k sf to 30.2k sf, with tenant improvement allowances for turn-key office design and construction.
Rick Reeder, Brian Driscoll, Dennis Visser and Aric Starck of Cassidy Turley’s San Diego offices represented the seller, a registered investment advisor specializing in real estate and management services. Gary Goss of Cassidy Turley’s Capital Markets division arranged financing for the purchase. There were no cooperating brokers. Cassidy Turley’s Visser and Starck are also handling leasing efforts for the new owner.
“Carlsbad is seeing a surge in acquisition activity by investors who are directing their attention away from the well-stabilized, higher priced central submarkets including Del Mar, UTC and Sorrento Mesa,” said Reeder. “Carlsbad’s vacancy is steadily declining as more tenants also turn their attention northward to this highly regarded corporate headquarters hub. This improving tenant demand and subsequent higher occupancy positions investors for strong upside potential.”
Other year-to-date acquisitions of Class A trophy assets in Carlsbad that Reeder and Cassidy Turley helped facilitate include: the September sale of Faraday Research Center in Carlsbad to Alvarez & Marsal Capital Real Estate for $12.7 mil; the $22.25 mil sale of Pacific View Corporate Center to Drawbridge Realty Trust, also in September; and the June purchase by BBL Commercial Real Estate of Ocean Terrace Corporate Center for $41 mil.
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