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June 13, 2024
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Class A, 222k sf Office Portfolio in Carlsbad Gets New Owner


M.C. Strauss, out of Solana Beach, acquired a 222k sf, multi-building Class A office portfolio in Carlsbad. The purchase consists of Carlsbad Executive Plaza and The Plaza with a combined six buildings.

Carlsbad Executive Plaza
Carlsbad Executive Plaza
Carlsbad Executive Plaza is a 133.1k sf, Class A project consisting of four three-story buildings located at 2111, 2121, 2131 and 2141 Palomar Airport Rd in Carlsbad, adjacent to the entrance to the McClellan-Palomar Airport. Built during the 1980s and 1990s, the project was 77.5% leased at sale.

The property boasts a premier location with immediate access to a large amenity base in addition to The Landings, a full-service restaurant and bar situated across the street at the airport. The property also features premier common areas with a courtyard cafe, Japanese style koi ponds and lounge areas. The seller recently completed $2.6 mil dollars in capital improvements to upgrade the property.

The Plaza consists of two, Class A office buildings totaling 88.9k sf located at 1921 and 1925 Palomar Oaks Way in Carlsbad. The asset was 68.3% leased at the time of sale. The Plaza has strong curb appeal along Palomar Airport Rd, Carlsbad’s main east/west thoroughfare, and is well known as the early leader in establishing a Class A workplace environment in North San Diego County.

Originally built in the late 1980s but renovated since, the property features thoughtful design and optimal interior design efficiencies along with 4/1000 parking including rare subterranean parking, which is offered by only a few properties in Carlsbad.

Cushman & Wakefield’s Rick Reeder, Brad Tecca, Tanner Harris and Kevin Donner of the firm’s Capital Markets in Southern California represented the seller, Brookwood Financial, in the transaction. Justin Halenza and Matt Sundberg with Cushman & Wakefield also provided leasing advisory.

“These are two highly attractive institutional quality Class A office assets with respectable levels of occupancy and stable income from an excellent roster of tenants. Additionally, both properties are easily accessible and well located near amenities, transportation services as well the nearby beachfront areas,” said Reeder. “The versatility and overall profile of these assets will create great potential to capture future office and tech tenant demand that remains drawn to North County.”

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