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(Photo courtesy: CBRE)

CBRE Announce Sale of Carlsbad Office Building for $17.4 Million

Carlsbad CA— CBRE announced the sale of a modern office center in Carlsbad, CA to Coseo Properties Inc. for $17.4 million.

CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo, and Doug Mack represented the unidentified seller in the transaction. Coseo, a San Diego-based real estate investment firm, represented itself.

The “best-in-market” creative space is designed as two buildings, co-joined by a landscaped atrium, located at 2382 and 2386 Faraday Avenue. Features include collaborative gathering areas, views of the mountains and abundant on-site parking. Common areas have recently been upgraded to include indoor/outdoor space integrations, private courtyards, beach cruiser access, and fiber optics.

“The property benefits from its irreplaceable location within the prestigious 560-acre Carlsbad Research, North San Diego’s premier business and R&D park,” said Pourcho.

The San Diego office market improved in Q2 2018 from previous quarters as absorption surpassed 500,000 sq. ft. and vacancy dropped to a post-recession low of 10.6 percent, according to CBRE research. As the leading North San Diego submarket, Carlsbad delivered 75 percent of North County’s positive absorption in 2017. It is well-served by an exceptional workforce, available housing inventory at all price points, and abundant amenities that popularize the city as the “Village by the Sea.”