Carlsbad CA— Cushman & Wakefield announced the sale of 6120 Paseo Del Norte, a 30,318-square-foot (sf) multi-tenant office and medical building located in Carlsbad, Calif. Plaza Del Norte Inc. sold the property to Stephen Rogers for $8.55 million. The property was approximately 90% leased at the time of sale to a diverse tenant roster of office, medical and retail users. The sale price produced a cap rate of approximately 6%.
Peter Curry and Brooks Campbell with Cushman & Wakefield’s Carlsbad (San Diego) office represented both buyer and seller in the transaction.
Mr. Curry, a Managing Director, said, “This is an attractive, flexible and diverse investment property with a very high retention rate due to its many great qualities, including an irreplaceable location and remarkable accessibility. There is a wide selection of amenities and retail services either on-site or within walking distance, unparalleled access to Interstate 5, and the Coaster Station is approximately 2.5 miles away providing employee commute options.”
Located on a 1.63 acre site, 6120 Paseo Del Norte is well positioned in Carlsbad’s most active commercial corridor, set directly off of Interstate 5 in the heart of one of North County’s most desirable office submarkets. The building was originally constructed in 1983 and underwent a major renovation in 2008.
The two-story building promotes a relaxing atrium-style setting with open air courtyard, and offers desired features such as ocean views and balconies, a new store-front glass entry, elevators, functional suite sizes, and abundant natural light. The property is also home to Carlsbad Ranch Market, a popular dining destination.
Known as the “Village by the Sea,” Carlsbad is a scenic coastal community in North San Diego County situated approximately 35 miles north of downtown San Diego.