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5/15/25
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In a Carlsbad office buy, Stauss Investments LLC purchased Wright Place, a 101.4k sf office building, for $23 mil ($227/sf). The property was sold by Harbor Associates.
The property is located at 1902-1903 Wright Place, north of Palomar Airport Rd near McLellan-Palomar Airport. It was over 90% leased to 13 tenants at the time of sale.
Harbor Associates acquired the building in 2020 and performed significant upgrades, including enhancements to interior and exterior common areas along with the addition of a pickleball court and the modernization of vacant spaces. These improvements drove robust leasing activity, significantly increasing achievable rents and positioning the asset as a premier office project in the Carlsbad market.
Rick Reeder, Brad Tecca and Tanner Harris with Newmark represented the seller in the deal. According to Newmark, the transaction marks the first multi-tenant office transaction in Carlsbad over $10 mil since December 2022.
“This transaction signals renewed confidence from capital in high-quality, well-located office assets that can be acquired at a significant discount to replacement cost and with historically attractive cap rates,” said Reeder. “We anticipate a meaningful increase in office transaction activity throughout the remainder of 2025, as office investment shifts from a contrarian play to a more broadly compelling opportunity.”
According to Daniel Weiss, CCIM, President of Stauss Investments, the acquisition provided them with an opportunity to control a key corner in the market, as the company owns another project directly across the street. With this purchase, the firm’s presence in Carlsbad is approaching 350k sf.
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