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6/06/17
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Plaza Del Norte, a 30.3k sf, multi-tenant office and medical building in Carlsbad, was purchased by Stephen Rogers for $8.55 mil, or $282/sf. The property was approximately 90% leased at the time of sale to a diverse tenant roster of office, medical and retail users. The sale price produced a cap rate of approximately 6%.
Located on a 1.63-acre site, 6120 Paseo Del Norte is well positioned in Carlsbad’s most active commercial corridor, set directly off of Interstate 5 in the heart of one of North County’s most desirable office submarkets. The building was originally constructed in 1983 and underwent a major renovation in 2008.
The two-story building promotes a relaxing atrium-style setting with open air courtyard, and offers desired features such as ocean views and balconies, a new store-front glass entry, elevators, functional suite sizes, and abundant natural light. The property is also home to Carlsbad Ranch Market, a popular dining destination.
Peter Curry and Brooks Campbell with Cushman & Wakefield represented both buyer and seller in the transaction. Commenting on the property, Curry noted that there is a wide selection of amenities and retail services either on-site or within walking distance, unparalleled access to I-5, and the Coaster Station is approximately 2.5 miles away providing employee commute options.
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