Carlsbad Office Building Sells for $40.4 MillionThursday, October 24, 2013
Regent Properties of Los Angeles has purchased Faraday Corporate Center, an office building in Carlsbad, for $40.4 million.
The seller of the 229,753-square-foot property, at 2200 Faraday Ave., was DRA Advisors LLC, according to brokerage services provider Cassidy Turley, which represented the seller.
The two-story, Class A building is located in Carlsbad Research Center and is 87 percent leased to four tenants – NetGear, Legend 3D, Catalina Restaurant Group and Rockstar Games.
Brokers said Cassidy Turley this year has negotiated four Carlsbad office deals, totaling more than $117 million.
“Carlsbad is seeing a surge in acquisition activity by investors who are directing their attention away from the well stabilized, higher priced central submarkets including Del Mar, UTC and Sorrento Mesa,” said Rick Reeder, a senior managing director with Cassidy Turley.
Reeder said office vacancy rates are “steadily declining” in Carlsbad’s corporate headquarters hub.
— SDBJ Staff Report