81,810 SF Building Located in Dynamic Suburban Setting of Carlsbad
Carlsbad CA— Cushman & Wakefield announced on Thursday that a Seattle-headquartered advisory firm has acquired the Palomar Crest Corporate Center, a contemporary 81,810 square foot (sf) office building in Carlsbad (San Diego), California. The attractive two-story asset in northern San Diego County sold for $17 million.
The seller was a global investment manager, which was represented in the transaction by Capital Markets specialists Rick Reeder and Brad Tecca of Cushman & Wakefield’s San Diego office along with Matty Sundberg of the firm who provided local market advisory.
“Positioned in one of San Diego County’s most sought-after submarkets, Palomar Crest Center consists of high quality office space with distinctive architectural designs, well-appointed interior finishes, flexible floor plates, and generous parking on all four sides of the building,” said Mr. Reeder, Executive Managing Director.” Currently 77.1% leased, Palomar Crest Corporate Center provides a high-image corporate address for its diverse collection of tenants that represent a variety of industries such as technology, law, energy, real estate, professional staffing/training, all which provide the buyer with stable cash-flow and balanced rollover.”
Palomar Crest Center is located at 2701 Loker Avenue West and situated on 5.36 acres. The property’s optimal location at the highly visible, signalized intersection of Palomar Airport Rd. and Loker Ave. offers an appealing and dynamic suburban setting within Carlsbad’s Oak East Business Park. The project is within steps of numerous restaurants, retailers and hospitality services and is a short walk of Bressi Ranch Retail Center, plus additional amenities currently under construction including the Uptown Bressi Ranch mixed-use center. Palomar Crest Center also exhibits convenient access to freeways and excellent proximity to business centers and residential communities.
Mr. Tecca, Managing Director, added, “This value-add opportunity is particularly valuable in Carlsbad, where tenant demand outpaces supply, pushing rental rates to a record high. As the submarket’s premier multi-tenant office building, Palomar Crest Corporate Center offered a remarkable investment opportunity in one of the region’s most successful submarkets.”
Carlsbad is well known for its huge industry clusters of IT, life science, clean technologies and the largest concentration of action sports companies in the U.S.