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10/06/21
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Newton Corporate Center, a 71.6k sf, multi-tenant, industrial/R&D building in Carlsbad, has sold in a transaction valued at $18.6 mil, or $260/sf. The facility sits on approximately 4.45 acres at 5803 Newton Dr, off Faraday Ave just west of El Camino Real.
The property is 100% leased to four tenants with 2.8 years of weighted average lease term. Built in 1997 and renovated in 2009 and 2016, the property has benefited from institutional ownership over the past 13 years and is currently configured with 50% office and 50% warehouse space, which is ideal for the demand in the Carlsbad submarket.
The property is also ideally located in the prominent Carlsbad Research Center, a 50-acre master-planned innovation park, which provides a high-image corporate setting for the tenants with visibility from Faraday Avenue and ease of access to Interstate 5.
Bret Hardy, Sean Fulp, Ryan Plummer and Mark Schuessler with Newmark represented the seller, Rexford Industrial. The buyer, Elion Partners, was repped by Greg Pieratt of Lee & Associates.
“Newton Corporate Center is the quintessential Carlsbad R&D property with equal parts office and warehouse,” said Plummer. “This type of product isn’t being developed today, creating future supply constraints in a submarket where flex industrial demand continues to increase.”
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