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2/10/23
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BentallGreenOak acquired a 119.6k sf, R&D/life science flex building in Carlsbad for $35.75 mil, or $299/sf. Located at 2210 Faraday Ave within the Faraday Research Center, the freestanding building was 100% leased to three research and development (R&D) and life science tenants.
2210 Faraday Ave consists of a single-story flex building plus second floor mezzanine space and features existing life science and R&D buildout. The property was originally built in 1997 and underwent significant renovation in 2005. The property features 24’ ceilings, dock and grade loading, heavy power, and ample parking.
The location is proximate to Interstate 5, the Pacific Ocean, and located in the renowned Carlsbad Research Center, a regional hub for corporate headquarters.
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services based in Toronto and New York City. Aric Starck and Drew Dodds with Cushman & Wakefield’s Capital Markets represented the seller, Hill Companies, in the transaction. The firm’s Don Trapani provided leasing advisory.
“This was a terrific investment opportunity to acquire an existing R&D/life science asset in one of the world’s most renowned life science and R&D hubs, San Diego County,” said Starck. “Fully leased to three quality tenants in the industries of life science and technology, the asset provides the buyer with stable in-place income and is poised to perform well overtime as top regional asset in a submarket that continues to experience growth within the life science and R&D sectors.”
“According to Cushman & Wakefield’s Q4-2022 market report, San Diego’s North County industrial market recorded approximately 245k sf of annual occupancy growth in 2022, which as a result, has driven industrial vacancy inclusive of R&D Flex product types to a 10-year low of 2%. Minimal construction and limited land availability is an important factor keeping overall vacancy in check in North San Diego,” noted Dodds.
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