SAN DIEGO, Calif., February 11, 2019 – Cushman & Wakefield announced today that Palomar Triad, a distinctive multi-tenant Class A office building in Carlsbad (San Diego), California, has sold for just over $9.2 million. Originally developed in 1987 and extensively renovated in 2013, the three-story property consists of 46,550 square feet of high quality office space. The buyer was San Diego-based Performance Wealth Investments II, LLC (PWI), which acquired the asset from 3G Properties, LP.
Mark Avilla with Cushman & Wakefield’s Private Capital Group together with Justin Halenza and Michael Mahoney also of Cushman & Wakefield represented the seller in the transaction. Steve Hildebrand & Ian Bradley with Cushman & Wakefield also performed Financial Advisory. The buyer was represented by Michael Conger and Brian Jenkins of Commercial Asset Advisors.
“Palomar Triad is prominently located along Carlsbad’s main thoroughfare and presented a remarkable value-add investment opportunity in one of the region’s most trending areas,” said Avilla. “The property was nearly 80% leased at the time of sale to a diverse tenant roster providing substantial cash flow and well-balanced rollover. Additional income may be recognized through the lease-up of the remaining vacancy at attractive rents captured by this North County submarket.”
He added, “The building is also situated on an oversized parcel of 4.87 acres that invites further site enhancement potential to help maximize the value of the asset.”
Located at 2011 Palomar Airport Road, Palomar Triad features upgraded interior offices and common areas, extensive glasslines, well-appointed finishes, flexible floor plates, and ample parking. The property’s centralized location offers convenience to retail, major freeways, and nearby businesses and residences.
Halenza said, “With exclusive residential communities, regional access, and enviable amenities in a casual seaside atmosphere, Carlsbad has benefited from strong residential growth, a driving factor for leasing activity.” He added, “Due to ongoing market demand, investors are drawn to Carlsbad, and the growing North County region, with property owners continuing to seek redevelopment and repositioning opportunities throughout the area.”
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 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 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.