No. County Multi-Tenant Industrial Going Fast

The 21,481-square-foot multi-tenant industrial/flex building at 5924 Balfour Ct. in Carlsbad was traded in an off-market transaction.

SAN DIEGO—Consistent with GlobeSt.com’s recent story on this property type, North County has seen its share of multi-tenant industrial deals this week, with three transactions closing in Carlsbad, Vista and Oceanside. The transactions occurred in a market that has become exceedingly tight on industrial vacancy, as much of the Southern California market is these days.

Gildred Development Co. has acquired a 21,481-square-foot multi-tenant industrial/flex building at 5924 Balfour Ct. in Carlsbad from North Coast Marketing LLC, an affiliate of Hamilton Pacific Properties, in an off-market transaction for what Real Capital Analytics reports was $4.3 million. The building is situated on a 1.55-acre site at the corner of Balfour and Rutherford Rd. and was 100% leased to five tenants at the time of sale. Jeff Sallen with Cushman & Wakefield represented the buyer, while C&W’s Chris Baumgart, in conjunction with Todd Davis of Kidder Mathews, represented the seller. The property is centrally located in the 560-acre master-planned Carlsbad Research Center, which features many of North County’s high-profile businesses such as Callaway Golf, Zimmer Dental, Cobra, Nixon, Thermo-Fisher, Genoptix and Reef.