Carlsbad CA— CBRE Group, Inc. announced that a fund advised by CBRE Global Investors purchased the 93,254-square-foot industrial building at 2765 Loker Avenue West in Carlsbad. The property was 100 percent leased to global manufacturer Nordson Asymtek at the time of sale.
Built in 1999 on 5.22 acres in the Carlsbad Technology Center, 2765 Loker Avenue West recently underwent a major renovation including a full remodel of existing offices and the two-story lobby as well as a roof replacement. The building was the former global headquarters of Ashworth Golf.
Louay Alsadek, Hunter Rowe and Andrew Taylor of CBRE were the investment advisors and Dennis Visser and Todd Davis of Cushman & Wakefield were the market experts for the seller, a privately held real estate investment advisor. CBRE Global Investors represented itself.
“Investors were very attracted to this asset given the tenant’s global position, market cap, and commitment to the property, as well as Carlsbad’s improving industrial market fundamentals,” Alsadek said.
According to CBRE Research, the Carlsbad industrial direct vacancy rate at the end of fourth quarter 2015 was down to 7.8 percent from 10.3 percent in the third quarter of 2014. The tenant at 2765 Loker Avenue West, Nordson Asymtek, leases two neighboring buildings on Loker Avenue totaling approximately 88,000 square feet.