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6/18/24
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Arroyo Business Center, a 64k sf, multi-tenant light industrial park in Carlsbad, was purchased for $19.3 mil ($301/sf) by an unnamed global private equity firm. Located at 6352 and 6354 Corte Del Abeto, the North San Diego County industrial property consists of two buildings and is 93.8% leased to 10 tenants across several industries.
The project offers ±18 clear heights, grade-loading capabilities, and efficient warehouse and office layouts to meet the needs of a broad ranges of tenants. Additionally, the project provides proximity to key freeways I-5, SR-78, and I-15, the San Diego International Airport, and the Port of San Diego.
Originally building in the mid-1980s but renovated since over the years, Arroyo Business Center is situated on nearly six acres and is strategically positioned in a Carlsbad industrial submarket where vacancy maintains a healthy rate of 5.4%, according to Cushman & Wakefield’s most recent Q1-2024 market report.
Cushman & Wakefield’s Bryce Aberg, Jeff Chiate, Jeff Cole, and Ryan Demarest of the firm’s National Industrial Investment Advisory Group in Southern California represented the seller, Newport Beach-based BKM Capital Partners, in the transaction. Cushman & Wakefield’s Brant Aberg, Conor Boyle, and Tyler Stemley provided leasing advisory.
“Arroyo Business Center provides a great image, stable cash flow, and below market rates yielding attractive value-add potential for the buyer. The project’s income stability is met with a mark-to-market opportunity to enhance value through future renewal and new leasing activity at stronger rents based on continued demand for light industrial product, as evidenced by the project’s own occupancy rate,” said Aberg. “Furthermore, there is limited new construction for similar type product, creating even greater competition among small and mid-sized industrial tenants wanting to be in the desirable coastal North County.”
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