SAN DIEGO, Calif., March 1, 2019 – Cushman & Wakefield announced today the firm has advised the seller(s) in the dispositions of two high quality assets in Carlsbad (North San Diego), California for a combined value of $36.3 million. The buyer of both assets was RAF Pacifica Group. The separate sales consisted of Avenida Crossing, a newly renovated 68,392-square-foot creative office campus, and 1905 Aston, a 48,818 square-foot industrial R&D and corporate headquarters facility.
Avenida Crossing was sold by Avenida Encinas, LP for $23.9 million and 1905 Aston was sold by A&M CapRE Aston, LLC for $12.4 million. Aric Starck, Executive Managing Director with Cushman & Wakefield’s San Diego office represented both sellers in the transactions.
Starck said, “Avenida Crossing and 1905 Aston represent two contemporary properties in San Diego’s most vibrant submarket, Carlsbad.” He added, “Each recently undergoing significant improvements, these properties are well positioned to see continued success as desirable coastal assets, and align ideally with RAF’s overall North County portfolio consisting of other strong, high quality existing or repositioned assets.”
He continued, “Furthermore, as a main hub for commerce in North County, Carlsbad continues to display strong market fundamentals, including in the areas of absorption and tenant migration.”
Located at 5993 and 5999 Avenida Encinas adjacent to San Diego’s Pacific coastline, Avenida Crossing consists of two, multi-tenant buildings and was 100% leased at the time of sale. The property underwent significant capital improvements in 2017 and currently features creative finishes. The property is positioned in an amenity-rich environment near the Interstate 5/Palomar Airport Road exit, the main thoroughfare in North San Diego. It is also walking/biking distance to commuter rail and within minutes of McLellan Palomar Airport.
Starck noted, “Avenida Crossing’s location and improvements, along with being fully leased to four distinguished tenants in the industries of technology and consumer product goods, all combined to make this a very attractive investment.”
1905 Aston is located within the prestigious Carlsbad Research Center and was 100% leased to two tenants at the time of sale. The project was fully renovated in 2017, and now offers indoor/outdoor amenity space, creative office finishes, in addition to best-in-class industrial efficiencies that make it well positioned to capture tenant demand.
Starck noted, “1905 Aston was a rare offering presenting an investor with the opportunity to buy into one of the top performing industrial investment markets in the country.”
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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.