San Diego – CBRE announced that a private 1031 exchange buyer has purchased an industrial property in Carlsbad, Calif. for $5.24 million or $237 per square-foot.
CBRE’s Matt Pourcho, Matt Harris, Anthony DeLorenzo and Gary Stache long with leasing expert Hank Jenkins of Colliers International represented the seller, Encinitas, Calif.-based real estate investment firm Stos Partners, in the transaction. Fred Aframian and Ryan Lin of CBRE represented the buyer, a Los Angeles-based private investor.
Located at 5816 Dryden Place, the 22,156 square-foot property was 100 percent leased at the time of the sale and anchored by San Diego Legion Rugby (SDLR). SDLR uses the building for its corporate headquarters and state-of-the-art training facility. The building is less than three miles from I-5, connecting the area to the rest of San Diego County.
“The asset obtained multiple offers reflecting continued investor interest in quality industrial assets,” said Mr. Pourcho. “With compelling property fundamentals, this property provides new ownership with significant future upside and secure cashflow.”
Industrial market fundamentals in San Diego have soared since the small setback in the second quarter, after the onset of the pandemic. Total net absorption for the quarter was 1,311,081 square-feet, largely due to several large deals in North County, according to a CBRE research report.