The 53,000-sf, two-story building at 5931 Priestly Dr. is onabout three acres of the Carlsbad Research Center. CT Realty willinvest more than $1 million to redevelop the property from asingle-tenant facility into a multi-tenant office project featuringflexible floor plans, according to Dave Ball, vice president ofdevelopment. The building will be converted from office andwarehouse usage to 100% office space with the conversion of 13,000sf.

Ball says the 16-year-old building will undergo changes andupgrades. "Our goal with this project is to completely repositionit within the multi-tenant marketplace by creating an updated imagethat supports its new purpose," Ball states. "Carlsbad ResearchCenter was the site of one of CT Realty's earliestinvestments."

Lannie Allee and Doug Simpson of Coldwell Banker Commercial'sCarlsbad office represented both CT Realty and Callaway Golf in thesales transaction. Equity financing was provided by CargillFinancial Services Corp., with debt financing provided by FremontInvestment & Loan.