Carlsbad CA— CBRE announced that Miller Global Properties purchased Ocean Ridge, a 75,000-square-foot LEED Gold office building in Carlsbad, California. Ocean Ridge was 77 percent leased at the time of sale.
Located at 5796 Armada Drive adjacent to the Carlsbad Flower Fields and less than one mile from the ocean, Ocean Ridge is a three-story, Class A, multi-tenant office building featuring ocean views from every floor. Tenants include Morgan Stanley, Charles Schwab, West Development and Maketa Investment Group.
Louay Alsadek, Larry Cambra, Roger Carlson and Hunter Rowe of CBRE represented the seller, an institutional pension fund advisor, and Miller Global Properties.
“Ocean Ridge is the only LEED Gold multi-tenant office building in Carlsbad with subterranean parking,” Alsadek said. “Combined with a credit tenant roster, an ideal location in proximity to
I-5 and retail amenities along with expansive ocean views, Ocean Ridge is the foremost office investment in the entire submarket.”
Miller Global Properties, LLC is a real estate investment company specializing in the development, acquisition, redevelopment and, ultimately, disposition of high quality, well located office and hotel properties throughout the United States. Since its inception in 1996, Miller Global Properties, LLC and its affiliates have sponsored and managed seven domestic value-added real estate investment funds and currently have more than $1.5 billion of real estate assets under management.