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11/15/18
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Cruzan purchased Carlsbad Commercial Center, an eight-building business park in Carlsbad. The price was not disclosed.
The complex, located at 5205-5375 Avenida Encinas, was 92% leased at the time of sale. Built in 1982, the property’s eight buildings ranging in size from 10.4k sf to 23.2k sf and has been under the same ownership since the late 1980s.
CBRE’s Louay Alsadek, Darla Longo, Barbara Perrier and Hunter Rowe represented the seller. Cruzan represented itself in the transaction.
“Carlsbad Commercial Center is a premier coastal business park located west of I-5 in Southern California and is in walking distance to Carlsbad beaches,” said Alsadek. “The project size, design and unique environment were all contributing factors that drove a significant amount of investor interest. The property has consistently outperformed its competition and has maintained an average occupancy of 97% since 2014.”
Positive momentum in the third quarter positioned the greater San Diego area office market well ahead of where it was in 2017 in terms of net absorption, asking rates and vacancy. Office users added 10,400 jobs year over year and contributed 43.2% of all job growth while average asking rates increased to $2.96 per sq. ft., up 2.1% year over year, pushing all classes to historic highs, according to CBRE research.
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