Carlsbad CA— CBRE announced sale of a 48,310 square-foot, Class A creative office building at 1800 Aston Avenue in Carlsbad, Calif., to a private Orange County-based family for $19.25 million or $398 per square foot.
The two-story building was completed in 2019 and is 100 percent leased to three tenants with staggered leases: Carlsmed Inc., Liberty Woods International and Brown & Brown, Inc.’s subsidiary, Arrowhead General Insurance Agency, Inc., which occupies the entire 24,839-square-foot top floor.
The property is within the Carlsbad Research Center, North County San Diego’s largest business park. It is two miles from Interstate 5, which connects Carlsbad to the rest of Southern California, and offers access to Palomar Airport Road, Carlsbad’s largest east/west thoroughfare. Additionally, the property is adjacent to McClellan Palomar Airport, the Crossings at Carlsbad golf course, and within walking distance of numerous retail amenities, restaurants and hotels.
“There have been just five Class A office leases over 5,000 square feet signed in Carlsbad since the onset of COVID-19, two of which have occurred at 1800 Aston, illustrating the property’s exceptional appeal to today’s tenants,” said Mr. Pourcho. “The property sold in three months to a 1031 exchange buyer, who will benefit from rent growth as a result of strong market fundamentals and low inventory.”