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Wednesday, Dec 7, 2022
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MC Strauss Grows Local Portfolio with $48M Carlsbad Acquisition

San Diego-based M.C. Strauss Co. has completed the purchase of the Carlsbad Executive Plaza in addition to the Plaza I & II, a portion of a larger portfolio sale by Massachusetts-based private equity real estate investment firm, Brookwood Financial Partners, LLC.

The Carlsbad Executive Plaza, located at 2111-2141 Palomar Airport Road, is comprised of four Class “A” office buildings totaling 134,530 sf. The property sold for $29,775,000.

The Plaza 1 & II, located at 1921-1925 Palomar Oaks Way, comprised of two Class “A” office buildings totaling 88,956SF, sold for $18,850,000.

Together, the acquisition consists of approximately 223,486 square feet of professional office buildings for a blended acquisition price of $48,625,000 or $218 per square foot.

M.C. Strauss Company’s Manager of Real Estate Will Strauss said: “The Carlsbad submarket presents a unique opportunity with an increasingly diversified tenant base that has become abundant with top life science and tech companies. With proximity to McClellan Palomar Airport and roughly 2.5 miles from Interstate 5, the surrounding retail, recreation, and entertainment options make Carlsbad one of the most dynamic and attractive submarkets in all of San Diego.”

“While the properties have a strong mix of tenants and top-notch amenities, including an iconic Japanese style Koi pond well known to locals, a brand new fitness center, and outdoor seating with Courtyard Café, the properties will also benefit from the new ownership’s planned capital investment along with implementation of aggressive lease up strategies” Strauss added.

“We’ve long coveted property in Carlsbad, and are ecstatic to purchase these high-quality assets at such a friendly cost basis. These acquisitions fit perfectly within our greater objective of increasing our footprint locally, and we now own property in nearly every major submarket within San Diego County,” said Daniel Weiss, COO of M.C. Strauss Company.

“We would like to thank Brad Tecca with Cushman and Wakefield for facilitating the sale of these assets, and to all of those who participated in the transaction. We are excited to get to work with Justin Halenza, Mathias Sundberg and Michael Mahoney of the Cushman and Wakefield office leasing team to further stabilize these assets,” Weiss added.



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