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9/06/13
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Drawbridge Realty Trust has acquired Pacific View Corporate Center, an 80.9k f, Class A office building in Carlsbad, for $22.3 mil ($275/sf). The two-story building is located at 5759 Fleet St, east of I-5 between Cannon and Palomar Airport Roads.
Pacific View Corporate Center is 100 percent leased to two tenants: Synteract, Inc. and RF Micro Devices (NYSE: RFMD). The property was built in 1998 and offers an outstanding coastal location within the Carlsbad Ranch subdivision.
The seller, TA Associates Realty, was represented by the C&W Capital Markets Division, including Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard. Drawbridge Realty Trust was repped by Rick Reeder, Joe Anderson, and Dennis Visser of Cassidy Turley.
“Pacific View Corporate Center met all the key criteria for our acquisition profile,” said Mark Whiting, Chief Executive Officer of Drawbridge Realty Trust, LLC. “With its high quality location in San Diego’s North County, hill-top ocean views, strong corporate user client base and proximity to retail, lodging, and other amenities, we believe the property is a strong complement to our existing portfolio.”
Drawbridge's acquisition activity over the last twelve months exceeds $140 mil, and its total portfolio now comprises over 2 msf. The purchase of Pacific View Corporate Center is consistent with Drawbridge’s practice of acquiring well located properties leased to major corporations in markets experiencing positive absorption and job growth.
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