CARLSBAD, CA-Cassidy Turley, reports that Regent Properties has purchased Faraday Corporate Center, a 229,753-square-foot class A office building located at 2200 Faraday Ave. in Carlsbad for $40.4 million. The sale marks the fourth Carlsbad office acquisition negotiated by Cassidy Turley so far this year for a combined total of more than $117 million.

In this most recent transaction, Rick Reeder, Brian Driscoll, Dennis Visser and Aric Starck of Cassidy Turley's San Diego offices represented the seller, DRA Advisors LLC, a registered investment advisor specializing in real estate and management services. Gary Goss of Cassidy Turley's Capital Markets division arranged financing for the purchase. There were no cooperating brokers. “Carlsbad is seeing a surge in acquisition activity by investors who are directing their attention away from the well stabilized, higher priced central submarkets including Del Mar, UTC and Sorrento Mesa,” said Reeder. “Carlsbad's vacancy is steadily declining as more tenants also turn their attention northward to this highly regarded corporate headquarters hub. This improving tenant demand and subsequent higher occupancy positions investors for strong upside potential.”

Other year-to-date acquisitions of class A trophy assets in Carlsbad that Cassidy Turley teams led by Reeder have helped facilitate include: the September sale of Faraday Research Center in Carlsbad to Alvarez & Marsal Capital Real Estate for $12.7 million; the $22.25 million sale of Pacific View Corporate Center to Drawbridge Realty Trust, also in September; and the June purchase by BBL Commercial Real Estate of Ocean Terrace Corporate Center for $41 million.

Faraday Corporate Center is a two-story, class A corporate headquarters facility located in the prestigious Carlsbad Ranch area. The project is within walking distance to retail amenities and offers abundant surface parking with 4.5 spaces per 1,000 square feet. Cassidy Turley's Dennis Visser and Aric Starck are handling leasing efforts.

Serving office and R&D users, the building is 87% leased to four tenants including NetGear, Legend 3D, Catalina Restaurant Group and Rockstar Games. Space available ranges from 13,500 square feet to 30,200 square feet, with tenant improvement allowances for turn-key office design and construction.

Cassidy Turley is a leading commercial real estate services provider with more than 3,800 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $22 billion in 2012, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 23,000 domestic corporate services locations.