A Carlsbad office building has been sold for $9.2 million.
Performance Wealth Investments II, LLC bought the 46,550 square-foot Palomar Triad building from 3G Properties.
Built in 1987 on a nearly 4.9 acre-site and renovated in 2013, the building at 2011 Palomar Airport Road has multiple tenants, upgraded offices and common areas, extensive glass lines, flexible floor plates and ample parking.
The seller was represented by Mark Avilla with Cushman & Wakefield’s Private Capital Group and Justin Halenza and Michael Mahoney, also of Cushman & Wakefield. Financial advice was provided by Steve Hildebrand and Ian Bradley of Cushman & Wakefield.
The buyer was represented by Michael Conger and Brian Jenkins of Commercial Asset Advisors.
“Palomar Triad is prominently located along Carlsbad’s main thoroughfare and presented a remarkable value-add investment opportunity in one of the region’s most trending areas,” Avilla said. “The property was nearly 80 percent leased at the time of the sale to a diverse tenant roster providing substantial cash flow and well-balanced rollover. Additional income may be recognized through the lease-up of the remaining vacancy at attractive rents captured by this North County submarket.
Real estate reporter Ray Huard may be reached at email@example.com or 858-277-8904.