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11/01/16
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Faraday Research Center, a 65.8k sf, biotechnology/creative office building in Carlsbad, was purchased by an unnamed Los Angeles investor for $19 mil, or $289/sf. The single-story, Class A building was sold by Alvarez & Marsal Capital Real Estate LLC.
Faraday Research Center, located at 2251 Faraday Dr, is fully leased to Abbott Laboratories and Wasserman Media Group. It recently underwent significant tenant capital investment work, including newly-constructed creative office improvements with contemporary design and finishes. The property is part of a larger, prestigious master-planned development known as the Carlsbad Research Center and is situated amongst a premier cluster of life science companies.
Aric Starck and Rick Reeder of Cushman & Wakefield’s Capital Markets Group in San Diego represented both parties in the transaction. According to Starck, “Carlsbad is one of San Diego County’s hottest submarkets, leading the county in leasing activity, net absorption, and investment sales.”
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