CARLSBAD, CA-In its third major San Diego County acquisition in six months, BBL Commercial Real Estate has acquired Ocean Terrace Corporate Center, a four-building, class A office park located in Carlsbad. The seller of the project, which totals 177,149 square feet, was Regent Properties.

“Ocean Terrace Corporate Center is a Class A asset situated on a prominent, ocean-view site at the gateway to Carlsbad Ranch, one of North County's most desirable master-planned business locations,” said Casey Brown, president of BBL Inc., a San Diego-based commercial real estate investment firm. “The campus is located in the heart of a dynamic area that is seeing renewed, sustainable demand for office space and has limited existing inventory and new development to meet that demand.”

The purchase price was not disclosed.

Ocean Terrace is located at 5740 – 5770 Fleet St. and is bounded by Legoland Drive to the east. The campus was built in 2000 and sits on two hilltop parcels totaling 11.5 acres. It is the latest addition to BBL's commercial real estate portfolio, which currently totals 1.6 million square feet.

“This is another important acquisition in BBL's growth, and we continue to aggressively seek office and industrial assets in greater Southern California and Phoenix,” said John Kenney, vice president of acquisitions with BBL.

According to Rick Reeder, senior managing director with Cassidy Turley San Diego, Carlsbad is one of the best performing markets in San Diego County.

“Carlsbad is attracting overflow from stabilized submarkets to the south, such as Del Mar, UTC and Sorrento Mesa,” he said. “With Carlsbad vacancy decreasing 12% over the last four quarters, Ocean Terrace is well positioned to take advantage of the tightening market.”

Reeder, along with Brad Tecca, Matty Sundberg and Aric Starck, all of Cassidy Turley, represented both the buyer and seller in the transaction.

Currently 77% leased, Ocean Terrace is home to a diverse mix of tenants including Jenny Craig Corporate Headquarters; Invensys Systems, Island Restaurants, BVK Direct Inc., and Farmers Insurance Exchange. The project's four two-story buildings are ideally suited for incubator tenants as well as companies seeking mid-sized floor plates that can accommodate future growth and expansion. Space available ranges from 1,000 square feet up to a full building with 49,000 square feet.

Ocean Terrace's location provides an amenity-rich environment, with easy access to I-5 and close proximity to Carlsbad Premium Outlets, LEGOLAND, numerous hotels, restaurants and other retail and entertainment establishments. Site amenities include exceptional visibility, ocean and hillside views, extensive landscaping, exterior courtyards, showers and lockers in common area restrooms, and generous surface parking.

BBL Inc. specializes in the acquisition, development, ownership and management of quality office and industrial assets throughout Southern California and Arizona. The company provides the full spectrum of real estate services, from acquisition through disposition, with a high level of personal involvement by its principals in the creation and implementation of each property's business strategy.

Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide.

Instant Insights /

BBL Acquires Ocean Terrace Office Park from Regent Properties

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