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12/04/14
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Peregrine Realty Partners paid $13 mil for Pacific View Plaza, a three-story, 51.8k sf ($250/sf) office building in Carlsbad. Located at 5973 Avenida Encinas, the property was sold by Cruzan.
The building was 96.7% leased at the time of sale. It boasts a great coastal location that is within walking distance of restaurants and other amenities that are hard to find in the Carlsbad market.
Cruzan purchased Pacific View Plaza in June 2013 and completed renovations including a redesign and build-out of new lobbies, resort-style restrooms and showers, landscape upgrades, enhanced aesthetics and usage of the common areas with teak seating, and the creation of Class A speculative office space.
Louay Alsadek and Hunter Rowe of CBRE represented the seller in the deal. Peregrine Realty Partners represented itself.
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