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October 23, 2014
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SAN DIEGO NEWS
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Regent Properties Swings for Upper Deck

5/09/14

Regent Properties has purchased Atlas at Carlsbad, a 246.7k sf building in Carlsbad, for $16 mil ($65/sf). The building is located at 5909 Sea Otter Place, north of Palomar Airport Rd and west of Melrose Dr.

“Regent Properties plans to reposition the property to serve growing tenant demand in the market, which has a scarce supply of large blocks of contiguous space,” said Aric Starck, Managing Director with Cassidy Turley’s Carlsbad office. “This facility is the former headquarters location of the Upper Deck trading card company and considered a single-tenant corporate headquarters building. Regent has begun redeveloping the building to allow for a single tenant or multiple office and R&D tenants.”

Starck, along with Cassidy Turley Managing Director Dennis Visser, represented the seller in the transaction, WP Carey. Starck also repped Regent Properties.

Improvements under way by Regent Properties include interior renovation and modernization, new exterior glazing, new landscaping, additional parking and site work.

“Carlsbad currently has no new spec construction,” noted Starck. “This project will be well positioned to capitalize on an environment where we are seeing significant net absorption and decreasing vacancy year after year.”

The Atlas in Carlsbad purchase brings Regent Properties’ recent office and industrial acquisitions in Carlsbad to more than 650k sf. Since its founding in 1989, the Los Angeles-based company has purchased, developed, financed or managed over $2 bil in real estate transactions.





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