SAN DIEGO-CB Richard Ellis Capital Markets has handled the refinancing of Carlsbad Gateway Center, a multi-tenant industrial business park and office building in Carlsbad, CA. Located at Palmer Way and El Camino Real, the 232,800-square-foot project is comprised of eight single-story multi-tenant incubator industrial buildings and one two-story class A office building.
Built from 1986 to 1989, the owner, Cornish Family Trust, acquired the property in 2003 with floating rate debt and successfully took advantage of the recent decline in interest rates to secure an attractive fixed-rate loan. Mark McGovern and Jeff Rice of CBRE Capital Markets Debt & Equity Finance in the San Diego Central office secured the long-term funding on behalf of the sponsor, Carlsbad Gateway Center LLC.
McGovern tells GlobeSt.com that occupancy is currently at 90%. He also points out that the center is located along El Camino Real near Carlsbad Research Center. According to CBRE Q4 Industrial Market View Report, Carlsbad has an overall industrial vacancy rate of 12.9%.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
