TA Associates bought Carlsbad Executive Plaza from RREEF, a full-service real estate investment advisor, for $34.3 million, the largest amount paid for a Carlsbad, Calif. office project.
The executive plaza is a 133,414-square-foot, Class A multi-tenant office project at 2111-2141 Palomar Airport Road.
The project has four buildings, each three stories built on 9.5 acres of land across from the entrance to McClellan Palomar Airport and only minutes from a major highway. It is currently 90 percent leased to over 50 tenants in suites ranging in size from approximately 500 to 11,800 square feet.
The project’s exterior common areas include a Japanese Garden with waterfall and koi pond for which it was awarded the Landscape Beautification Award for San Diego County in 2004. Other features include an on-site gourmet deli, on-site management and shower facilities. In 2005, the project was nominated for the Building of the Year award and in years past received the “Golden Tower Award” from the Building Industry Association.
Grubb & Ellis