CBRE Facilitates $22.1 Million Sale-Leaseback of Industrial Property in Carlsbad

CBRE negotiated the $22.1 million sale-leaseback of 2470 Faraday Avenue, a 19.4-acre site that includes a 127,200-square-foot industrial research and development and manufacturing facility in Carlsbad, Calif., to BLT Enterprises.

CBRE’s Hunter Rowe and Matt Carlson, along with National Partners’ Michael Longo, Eric Cox, Barbara Perrier, Joe Cesta and Brian Russell represented the seller, a global science and technology company.

The property at 2470 Faraday has been owned and operated by the seller since the mid-1970s and contains one of the last remaining industrial development opportunities in San Diego. The seller will lease back the existing facility, which includes highly specialized lab and research and development, as well as manufacturing and distribution space. 

Strategically located adjacent to the Carlsbad Research Center, North San Diego County’s growth and innovation hub, 2470 Faraday is surrounded by the largest concentration of corporate users within the medical device, life science, defense, technology and action sports sectors.

 “This was a unique opportunity to acquire a large, low coverage, infill industrial site in coastal San Diego. The highly flexible industrial zoning, coupled with the short-term leaseback on the existing facility, provides BLT Enterprises with ultimate flexibility for future development opportunities,” said Rowe, senior vice president at CBRE. “With such limited future development opportunities in San Diego County, 2470 Faraday was highly sought after by industrial developers looking to capitalize on a land-constrained coastal market with significant barriers to entry.”