SAN DIEGO, Calif. –– Cushman & Wakefield announced the firm has brokered the sale of a 119,591-square-foot R&D/life science flex building in Carlsbad (San Diego), California. Located at 2210 Faraday Ave within the Faraday Research Center, the freestanding building was 100% leased to three research and development (R&D) and life science tenants.
BentallGreenOak, a leading, global real estate investment management advisor and a globally-recognized provider of real estate services based in Toronto and New York City, acquired the asset for $35.75 million (approximately $299 per square foot).
Executive Vice Chairman Aric Starck and Senior Associate Drew Dodds with Cushman & Wakefield’s Capital Markets in San Diego represented the seller, Hill Companies, in the transaction. The firm’s Don Trapani provided leasing advisory.
“This was a terrific investment opportunity to acquire an existing R&D/life science asset in one of the world’s most renowned life science and R&D hubs, San Diego County,” said Aric Starck. “Fully leased to three quality tenants in the industries of life science and technology, the asset provides the buyer with stable in-place income and is poised to perform well overtime as top regional asset in a submarket that continues to experience growth within the life science and R&D sectors.”
2210 Faraday Ave consists of a single-story flex building plus second floor mezzanine space and features existing life science and R&D buildout. The property was originally built in 1997 and underwent significant renovation in 2005. The property features 24’ ceilings, dock and grade loading, heavy power, and ample parking.
The location is proximate to Interstate 5, the Pacific Ocean, and located in the renowned Carlsbad Research Center, a regional hub for corporate headquarters.
“According to Cushman & Wakefield’s Q4-2022 market report, San Diego’s North County industrial market recorded approximately 245,000 sf of annual occupancy growth in 2022, which as a result has driven industrial vacancy inclusive of R&D Flex product types to a 10-year low of 2%. Minimal construction and limited land availability is an important factor keeping overall vacancy in check in North San Diego,” said Drew Dodds.
