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10/09/23
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Core Contracting paid $4.42 mil for 1530 Faraday Avenue, a 13.1k sf ($337/sf) office building in Carlsbad. The buyer, a local company, will occupy the space, which is located minutes from Interstate Five and near The Island at Carlsbad, which offers restaurants and retail stores.
The single-story building is in the Carlsbad Research Center, which includes North County's highest concentration of Fortune 500 companies. The property is one of three buildings in the research center under 15k sf on its own lot (2.96 acres).
A rare Class A office building in the area, it was built in 1998 and recently underwent renovation, including a new roof, complete interior remodel and new HVAC system. The property has 53 parking stalls and 555 sf for a garage or storage area.
Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE's Investment Properties, alongside CBRE's Nick Williams, Blake Wilson and Roger Carlson, represented the seller, a private investor, in the transaction. Chris Roth, Rusty Williams and Jake Rubendall from Lee & Associates represented the buyer.
"Owner-user demand remains robust in San Diego," said Pourcho. "Given record high rents, the ownership costs are still cheaper than leasing in most cases. We have not seen any slowdown with our owner-user sales."
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