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3/29/21
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A 70.2k sf industrial property in Carlsbad sold for $13 mil ($185/sf) in an off-market transaction. The property is located at 6212 Corte Del Abeto, in close proximity to Carlsbad’s McClellan-Palomar Airport. Currently fully leased to a go-kart racing tenant, the building is well-suited to a range of light industrial uses.
The asset was sold By Stos Partners, who acquired it for $9.7 mil in August 2019 in a joint venture with Boston-based private equity firm Long Wharf Capital. Although Stos Partners initially planned to hold the property long term and explore future repositioning opportunities, after just over a year of ownership they were approached by an institutional-grade buyer, who made a strong offer that they decided to accept.
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