SAN DIEGO, Calif., November 15, 2019 – Cushman & Wakefield announced today that Element, a multi-building 83,212-square-foot campus in Carlsbad (San Diego), California has sold for $23.1 million. Nelli-Regen Three, LLC acquired the creative industrial / research and development complex from Alvarez & Marsal Capital Real Estate, LLC. The property was 100% leased to seven tenants at the time of sale.
Aric Starck, Vice Chairman with Cushman & Wakefield San Diego represented the seller in the transaction.
Starck said, “Element provided an opportune investment of a rare, fully leased multi-tenant property in the prestigious Carlsbad Research Center within the desired Carlsbad submarket. The campus has recently completed significant creative office renovations to meet today’s demand, while the diverse tenant roster consists of market-leading technology, action sports, apparel, and medical device companies.”
Starck added, “Adding to the attractiveness, currently, no new spec creative or multi-tenant flex-industrial product is under construction in Carlsbad, which helped make this project even more sought after.”
Element consists of three buildings located at 2232, 2234 and 2236 Rutherford Road. The suites feature creative office finishes which include open ceilings, exposed HVAC, and extensive glass. Additional contemporary design elements include glazed cement flooring, and glass roll-up doors that combine to create unique progressive work environments. The common areas are also amenitized.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.