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7/22/21
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A 48.3k sf, Class A creative office building in Carlsbad was acquired by and OC-based family investment entity for $19.25 mil, or $398 per square foot. The property, located at 1800 Aston Ave, was sold by Burke Real Estate Group.
The two-story building was completed in 2019 and is 100% leased to three tenants with staggered leases: Carlsmed Inc, Liberty Woods International and Brown & Brown Inc.’s subsidiary, Arrowhead General Insurance Agency Inc, which occupies the entire 24.8k sf top floor.
The property is within the Carlsbad Research Center, North County San Diego’s largest business park. It is two miles from Interstate 5, which connects Carlsbad to the rest of Southern California, and offers access to Palomar Airport Rd, Carlsbad’s largest east/west thoroughfare. Additionally, the property is adjacent to McClellan Palomar Airport, the Crossings at Carlsbad golf course, and within walking distance of numerous retail amenities, restaurants and hotels.
Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson, Roger Carlson and Blake Wilson with CBRE represented the seller in the deal.
“There have been just five Class A office leases over 5k sf signed in Carlsbad since the onset of COVID-19, two of which have occurred at 1800 Aston, illustrating the property’s exceptional appeal to today’s tenants,” said Pourcho. “The property sold in three months to a 1031 exchange buyer, who will benefit from rent growth as a result of strong market fundamentals and low inventory.”
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