CARLSBAD, CA-GlobeSt.com has exclusively learned that a 41,516-square-foot office building here has been sold for $14.15 million or $341 per square foot. The building was triple-net leased by ViaSat Digital Communications.
Alvin Mansour, a senior vice president investments in Marcus & Millichap Real Estate Investment Services’ San Diego office, represented the seller, a California limited partnership. The buyer was a private California limited liability company and the purchase was part of a 1031 exchange, Mansour tells GlobeSt.com.
Mansour explains that marketing for this asset had to be customized towards both private and institutional buyers. “Due to the shorter lease term, many institutional-based buyers were not a fit,” he explains. “The sale reflects the growing confidence investors have in San Diego’s County’s office sector recovery and the increased demand we are seeing for high-quality net-leased assets.”
The building is located at 2530 Campbell Place at the intersection of Palomar Airport Road and El Camino Real in Carlsbad, across the street from ViaSat Digital Communications’ 300,000-square-foot corporate headquarters. The location is adjacent to the 175-acre master-planned community Bressi Ranch, which is home to more than 600 housing units and 2.5 million square feet of commercial space.
ViaSat Digital Communications signed a 10-year triple-net lease for the building in May 2009. The lease provides for 5% rent increases every two years. The company is one of more than 60 communications businesses located in Carlsbad and one of over 850 communications firms located in the San Diego region, according to a prepared statement.
GlobeSt.com could not obtain further details before deadline on specifics of the buyer and seller.
To read more stories from this week on net lease, please see the following stories below.