CBRE Facilitated $4.42 Million Sale of Office Property in Carlsbad

CBRE arranged the $4.42 million sale of 1530 Faraday Avenue, a 13,093-sq.-ft.-office building in Carlsbad, Calif., to Core Contracting, a local company.

Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE's Investment Properties, alongside CBRE's Nick Williams, Blake Wilson and Roger Carlson represented a private seller in the transaction.

"Owner-user demand remains robust in San Diego," said Mr. Pourcho, CBRE's executive vice president. "Given record high rents, the ownership costs are still cheaper than leasing in most cases. We have not seen any slowdown with our owner-user sales."

The single-story building is in the Carlsbad Research Center, which includes North County's highest concentration of Fortune 500 companies. The property is one of three buildings in the research center under 15,000 sq. ft. on its own lot (2.96 acres).

A rare Class A office building in the area, it was built in 1998 and recently underwent renovation, including a new roof, complete interior remodel and new HVAC system. The property has 53 parking stalls and 555 sq. ft. for a garage or storage area.

The buyer will occupy the space, which is located minutes from Interstate Five and near The Island at Carlsbad, which offers restaurants and retail stores.

Chris Roth, Rusty Williams and Jake Rubendall from Lee & Associates represented the buyer.