Cruzan Acquires Carlsbad Business Park For Undisclosed Amount
14 11 2018
SAN DIEGO, CA – CBRE announced that local real estate investment firm Cruzan purchased Carlsbad Commercial Center in the North County San Diego submarket for an undisclosed amount.
Located at 5205-5375 Avenida Encinas in Carlsbad, the eight-building business park was 92 percent leased at the time of sale. Built in 1982, the campus is comprised of eight buildings ranging in size from 10,400 square feet to 23,200 square feet and has been under the same ownership since the late 1980s.
CBRE’s Louay Alsadek, Darla Longo, Barbara Perrier and Hunter Rowe represented the seller. Cruzan represented itself.
“Carlsbad Commercial Center is a premier coastal business park located west of I-5 in Southern California and is in walking distance to Carlsbad beaches,” said Alsadek. “The project size, design and unique environment were all contributing factors that drove a significant amount of investor interest. The property has consistently outperformed its competition and has maintained an average occupancy of 97 percent since 2014.”
Positive momentum in the third quarter positioned the greater San Diego area office market well ahead of where it was in 2017 in terms of net absorption, asking rates and vacancy. Office users added 10,400 jobs year over year and contributed 43.2% of all job growth while average asking rates increased to $2.96 per sq. ft., up 2.1% year over year, pushing all classes to historic highs, according to CBRE research.
Cruzan is an owner-operator focused on acquiring and re-positioning commercial real estate assets throughout the West Coast. Cruzan’s focus is on the transformation of office, flex or industrial assets into market leaders.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.