Grubb & Ellis closes SoCal mixed-use deal

Gold Pointe B, a Redondo Beach, Calif.-based investor/developer, purchased a 210,688-square-foot R&D/office building in Carlsbad, Calif.

The transaction was valued at approximately $23.3 million.

The one-story, concrete tilt-up R&D building, which is located at 2051 Palomar Airport Road, was built in 1982 and a two-story office addition was added in 1989.

The property, which was 80 percent occupied at the time of sale by two major tenants. The first is Melles Griot, a world leader in the field of laser technology, which negotiated a new long-term lease for 65 percent of the building for its world headquarters. The second is K2, a leader in sporting goods, which moved its headquarters to this facility in 2003. The new owner is planning a renovation of approximately 40,000 square feet of office space to attract another tenant.

Carlsbad-based MG Palomar LLC was the seller.

Michael Randall of Grubb & Ellis' Newport Beach office represented the seller in the transaction. Independent broker Ron Pelleg represented the buyer.

Grubb & Ellis is an international provider of integrated real estate services.

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