Property Acquired by Local High Net Worth Family
Carlsbad CA— Cushman & Wakefield has advised Badiee Development, Inc., a locally-based full service real estate development company founded by Ben Badiee, in the sale of a 55,573-square-foot Class A industrial property in Carlsbad (San Diego), California. The recently constructed facility is fully leased and was acquired by a private high net worth family from San Diego for $14.45 million.
Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, Zach Harman and Devin Muna of Cushman & Wakefield’s San Diego and Orange County offices represented the seller in the transaction. The firm’s Brant Aberg and Dennis Visser also provided local market advisory.
Executive Managing Director Bryce Aberg said, “Built in 2017, the property represents a state-of-the-art industrial facility located in a highly desirable Carlsbad location.” He added, “Despite the delivery of new product in 2018, almost 70% of it has been absorbed by the insatiable tenant demand. With very few developable parcels remaining in Carlsbad, there are still significant barriers to entry and limited new development options.”
Located 3248 Lionshead Avenue, the Class A facility features dock and grade level loading, well designed ingress/egress, outdoor amenities, and an efficient layout for a warehouse and showroom use. Additionally, the property is optimally located near Interstate 5 and State Route 78, providing access to various residential communities across the county, plus an extensive amenity base within North County. McClellan-Palomar Airport is also proximate.
According to Cushman & Wakefield research, San Diego produced nearly 2 million square feet (msf) of occupancy growth countywide in 2018, with more than 1.3 msf or 65% of that annual figure stemming from North County. Over the last nine calendar years (2010-2018), following the Great Recession, the San Diego County industrial market has accumulated more than 15.5 msf of occupancy growth.