Grubb & Ellis/BRE Commercial recently negotiated the sale of a 122,093-square-foot flex/R&D building in Carlsbad, Calif.
The value of the transaction was $15.6 million.
The building, known as Research Center Pointe, is located at 2210 Faraday Ave. in the Carlsbad Research Center. The seller, an entity of Newport National Corp., recently completed extensive renovations to the building that included an entirely new southern elevation.
The buyer was RREEF, a full-service real estate investment advisor.
Additional project amenities include a dramatic 22-foot open atrium lobby, abundant glass maximizing surrounding views, lush tropical landscaping, outdoor patio area and ample parking.
The flex/R&D market activity in Carlsbad remains positive, according to a press statement, and vacancy is trending down while absorption and lease and rental rates are rising. It is this demand that has driven the current construction activity as well the desire to renovate and convert existing product throughout the city.
San Diego-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm operating in San Diego and Riverside counties.