Multi-Tenant Building Located in City’s Most Active Corridor Nearly 90% Leased
SAN DIEGO, Calif. – May 31, 2017 – Cushman & Wakefield announced today the sale of 6120 Paseo Del Norte, a 30,318-square-foot (sf) multi-tenant office and medical building located in Carlsbad, Calif. Plaza Del Norte Inc. sold the property to Stephen Rogers for $8.55 million. The property was approximately 90% leased at the time of sale to a diverse tenant roster of office, medical and retail users. The sale price produced a cap rate of approximately 6%.
Peter Curry and Brooks Campbell with Cushman & Wakefield’s Carlsbad (San Diego) office represented both buyer and seller in the transaction.
Mr. Curry, a Managing Director, said, “This is an attractive, flexible and diverse investment property with a very high retention rate due to its many great qualities, including an irreplaceable location and remarkable accessibility. There is a wide selection of amenities and retail services either on-site or within walking distance, unparalleled access to Interstate 5, and the Coaster Station is approximately 2.5 miles away providing employee commute options.”
Located on a 1.63 acre site, 6120 Paseo Del Norte is well positioned in Carlsbad’s most active commercial corridor, set directly off of Interstate 5 in the heart of one of North County’s most desirable office submarkets. The building was originally constructed in 1983 and underwent a major renovation in 2008.
The two-story building promotes a relaxing atrium-style setting with open air courtyard, and offers desired features such as ocean views and balconies, a new store-front glass entry, elevators, functional suite sizes, and abundant natural light. The property is also home to Carlsbad Ranch Market, a popular dining destination.
Known as the “Village by the Sea,” Carlsbad is a scenic coastal community in North San Diego County situated approximately 35 miles north of downtown San Diego.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
