Carlsbad CA— CBRE Group, Inc. announced that Cape Ann Properties, LLC, a national institutional investor, purchased Pacific Ridge Corporate Centre from the clients of Washington Capital Management, Inc. Located, 5780 and 5790 Fleet Street in Carlsbad, California, the two-building Class A office project was 92 percent leased at the time of sale.
Pacific Ridge Corporate Centre totals 121,563 square feet and features a distinctive modern design with spacious lobbies, an on-site gym, showers and locker room facilities, private balconies, outdoor seating area, an attractive water feature, and expansive ocean views. The property’s rent roll is comprised of tenants from a diverse range of industries including energy, real estate, finance, and software development.
Louay Alsadek, Hunter Rowe and Andrew Taylor of CBRE were the investment advisors representing the seller and Larry Cambra and Roger Carlson of CBRE were the market experts. The buyer represented itself. According to Alsadek, buyer interest for the property was very competitive.
“Pacific Ridge Corporate Centre is one of the most desirable office properties in the North County region,” Alsadek said. “At 92 percent leased to top-tier tenants, the property was a rare opportunity to acquire a trophy coastal asset in Southern California.”