Carlsbad CA— CBRE announced that San Diego-based commercial real estate development, re-development and investment firm Cruzan sold Pacific View Plaza to Peregrine Realty Partners for $13,000,000. Located 5973 Avenida Encinas in Carlsbad, Pacific View Plaza is a three-story 51,825-square-foot office building that was 96.7% leased at the time of sale.
Louay Alsadek and Hunter Rowe of CBRE represented the seller, Cruzan. Peregrine Realty Partners represented itself. Cruzan purchased Pacific View Plaza in June 2013 and completed renovations including a redesign and build-out of new lobbies, resort-style restrooms and showers, landscape upgrades, enhanced aesthetics and usage of the common areas with teak seating, and the creation of Class A speculative office space.
“There was substantial demand for Pacific View Plaza as a result of Cruzan’s creativity and signature renovations,” Alsadek said. “The final product is a unique office project in a great coastal location that is within walking distance of restaurants and other amenities that are hard to find in the Carlsbad market.”
Cruzan has extensive experience in all facets of commercial real estate including, value-add investment, development/re-development, third party construction and development management services, finance, property and asset management, and leasing. Cruzan has proven success in its hands-on implementation of investment opportunities in commercial real estate, with a strong track record in the acquisition and management of all commercial real estate property types. Since its formation in 2002, the company has placed a premium on execution of property-level strategies.
Peregrine Realty Partners is a West Coast-based commercial real estate firm founded in 2009. In alignment with the diverse backgrounds of its principals, Peregrine Realty Partners creates and maximizes value for its private and institutional clients on many fronts. The firm invests in multi-tenant office and industrial properties throughout Southern California and also specializes in asset and advisory services on behalf of individual high-net-worth investors and institutional capital partners.