San Diego – August 7, 2018 – CBRE announced the sale of a modern office center in Carlsbad, CA to Coseo Properties Inc. for $17.4 million.
CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo, and Doug Mack represented the unidentified seller in the transaction. Coseo, a San Diego-based real estate investment firm, represented itself.
The “best-in-market” creative space is designed as two buildings, co-joined by a landscaped atrium, located at 2382 and 2386 Faraday Avenue. Features include collaborative gathering areas, views of the mountains and abundant on-site parking. Common areas have recently been upgraded to include indoor/outdoor space integrations, private courtyards, beach cruiser access, and fiber optics.
“The property benefits from its irreplaceable location within the prestigious 560-acre Carlsbad Research, North San Diego’s premier business and R&D park,” said Pourcho.
The San Diego office market improved in Q2 2018 from previous quarters as absorption surpassed 500,000 sq. ft. and vacancy dropped to a post-recession low of 10.6 percent, according to CBRE research. As the leading North San Diego submarket, Carlsbad delivered 75 percent of North County’s positive absorption in 2017. It is well-served by an exceptional workforce, available housing inventory at all price points, and abundant amenities that popularize the city as the “Village by the Sea.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.