SAN DIEGO, Calif. – February 13, 2023 – Cushman & Wakefield announced the firm has brokered the sale of an approximately 85,165-square-foot industrial asset in Carlsbad (San Diego), California. Located at 2271 Cosmos Court, the freestanding building was 100% leased at the time of sale to a global medical device and technology company that is a leader in the sleep and respiratory markets.
The property sold to Wimatex, Inc. for $21.05 million.
Executive Vice Chairman Aric Starck and Senior Associate Drew Dodds with Cushman & Wakefield’s Capital Markets in San Diego represented the seller in the transaction.
“This was a terrific value-add opportunity in an in-fill market and represents one of North San Diego’s largest lease-up opportunities. Currently fully leased, the property provides an investor with in-place income and strong credit while allowing for future flexibility in capturing the robust industrial market demand and growing rents,” said Aric Starck.
2271 Cosmos is a functional and flexible building featuring heavy power, six dock-high loading doors, three grade-level loading doors, 24’-26’ clear heights, and drive around access. Additional features include a high image exterior, large outdoor amenitized entrance, excellent glass line and a prominent two-story lobby. Located in Western Carlsbad, the property is also proximate to Interstate 5, the Pacific Ocean and resides near a large concentration of executive residential communities.
“North San Diego County maintains strong industrial market fundamentals. Industrial submarket vacancy inclusive closed 2022 at a mere 2%, representing a 10-year low. And the year produced another approximately 245,000 sf of annual occupancy growth. With limited large blocks of available space countywide and minimal construction planned and proposed this asset is poised to perform well,” said Drew Dodds.
Of note, Wimatex also recently acquired a 70,262-sf two-building office portfolio in North San Diego in the cities of Vista and Carlsbad for $13.94 million. The investment sale transaction was also brokered by Starck and Dodds along with colleague Matty Sundberg.