Cushman & Wakefield Represents Both Parties in Sale of Award-Winning Project
SAN DIEGO, Calif., May 23, 2019 – Cushman & Wakefield announced today that the Quonset Project in Carlsbad (San Diego), California has sold in an off-market transaction for $3.9 million. Located at 2725-2727 State St., the 8,347-square-foot, two-story project is situated within the renowned Carlsbad Village community and features a design studio, cocktail bar, restaurant, café, and wine tasting room. Two of the projects prized tenants include Campfire Restaurant and Carruth Cellars. The award-winning Quonset Project was designed by Brett Farrow Architect and is named after and inspired by the existing WWII era Quonset hut on the site.
The seller was Quonset Development and the buyer was a private local investor. Cushman & Wakefield’s Peter Curry represented both parties in the transaction.
Curry, Managing Director, said, “The project, formerly an auto repair shop, was redeveloped in 2016 by Brett Farrow Architect and Chris Miller (together Quonset Development). When their vision became reality, it created the beginning of a wave of development momentum along State Street that is now spreading throughout Carlsbad Village.”
He added, “The Buyer was attracted to the asset as a long term hold due to its premier location along growing the State Street residential and mixed-use corridor and the currently under-market rents enjoyed by the tenants. Furthermore, Campfire and Carruth make up two of the Village’s most visited restaurants.”
Brett Farrow said, “This project brought much-needed vitality to the area. The core vision for the project was to create a place that had activity, creativity and life from sunrise to midnight every day. To achieve this effect, tenants were selected based on how they would contribute to this goal.”
Carlsbad Village is the heart and soul of Carlsbad, California, just 40 minutes north of San Diego. Influenced by historic roots, proximity to beautiful beaches, and an unbeatable climate, the Village is a favorite destination of locals and tourists alike. The Village features an array of shops, restaurants, hotels, and many services for tourists and residents alike.
Curry concluded, “2725-2727 State St. reflected a special and very attractive investment property within growing urban Carlsbad Village, while providing a rare opportunity within an extremely high barrier to entry community.”
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.