A Carlsbad building that is leased to an apparel and footwear company as its global headquarters has been sold for $18.6 million.
The 37,200-square-foot building at 2290 Cosmos Court was sold by Luminous Capital Management in partnership with Virtus Real Estate Capital to Hazard Jr Enterprises, LP.
REEF, which has been based in Carlsbad since 2007, signed a 10-year lease on the property in January 2022.
“We initially acquired Cosmos Court with the intention of converting it for bioscience use. However, solid real estate in tight markets often presents attractive alternatives. This proved to be the case here, as the lease with REEF was compelling enough to pivot from a life science conversion,” said Tom Lam, principal of Luminous Capital Management.
REEF plans a grand opening at the site in June, following the completion of renovations by Luminous that include new landscape and hardscape, construction of outdoor workspaces and installation of a solar energy system atop new carports.
“We are excited about our new headquarters and are appreciative of the outstanding working relationship we have established with Luminous, the architects at ID Studios, the construction team at C2 Building Group and all involved in this project,” said REEF President Mike Jensen.
Financing for the project was provided by California Bank & Trust. The sale of the building was brokered by Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates.