An office portfolio totaling 174,746 square feet has recently been listed for sale in Carlsbad. The portfolio consists of two office assets, Lift & Fu.sion, which are both fully occupied, according to the listing from Cushman & Wakefield.
The Lift campus, located at 6021 & 6023 Innovation Way, is a two-building newly constructed mixed-use development totaling 53,205 square feet. Lift also consists of 8,708 square feet of retail space and sky deck parking. Fu.sion Campus totals 121,541 square feet and is located at 1950 Camino Vida Roble. The one-building campus has a mix of office, R&D and lab space.
Both campuses, which are listed as unpriced, are currently owned by RAF Pacifica Group, an Encinitas-based real estate investment and development firm. The buildings are fully occupied, with Alphatech Spine solely utilizing Fu.sion Campus as its global headquarters. Lift is leased to five tenants, including Honma Golf, Ezoic, Eureka!, Del Lusso and Krave.
The portfolio will be fully leased through June of 2025, with rollover staggered through January of 2031. According to the offering memorandum, Lift has a weighted average lease term of 5.4 years, while Fu.sion has a weighted average lease of 9.5 years.
“The largest tenants within their respective industries, these campuses provide these unique firms a corporate identity that is bold and second to none in the region,” the offering memorandum states.
The office portfolio also features various amenities, including sky decks with ocean views, onsite restaurant suites, fitness centers, a gated dog zone, outdoor courtyard with fire pits and cabana seating and more.
The office portfolio is located along the northern coast of San Diego, near a variety of commercial office and retail assets. The property also benefits from its close access to Interstate 5.
According to Cushman & Wakefield, the Carlsbad submarket is also referred to as the “corporate headquarters market” and has historically led the San Diego office market in tenant demand. Currently, the submarket is corporate headquarters to Walmart, Adidas, GoPro and Nixon, among others.
In 2021 alone, Carlsbad’s office market recorded 255,468 square feet of net absorption, Cushman & Wakefield reports. The area is also home to 88,000 employees, with an average median household income of $134,000. Additionally, the weighted average lease time for office tenants in Carlsbad is approximately 8.1 years.
Cushman & Wakefield did not respond in time to comment on this story.