CARLSBAD – March 4, 2016 – CBRE Group, Inc. announced that Cape Ann Properties, LLC, a national institutional investor, purchased Pacific Ridge Corporate Centre from the clients of Washington Capital Management, Inc. Located at 5780 and 5790 Fleet Street in Carlsbad, California, the two-building Class A office project was 92 percent leased at the time of sale.
Pacific Ridge Corporate Centre totals 121,563 square feet and features a distinctive modern design with spacious lobbies, an on-site gym, showers and locker room facilities, private balconies, outdoor seating area, an attractive water feature, and expansive ocean views. The property’s rent roll is comprised of tenants from a diverse range of industries including energy, real estate, finance, and software development.
Louay Alsadek, Hunter Rowe and Andrew Taylor of CBRE were the investment advisors representing the seller and Larry Cambra and Roger Carlson of CBRE were the market experts. The buyer represented itself. According to Alsadek, buyer interest for the property was very competitive.
“Pacific Ridge Corporate Centre is one of the most desirable office properties in the North County region,” Alsadek said. “At 92 percent leased to top-tier tenants, the property was a rare opportunity to acquire a trophy coastal asset in Southern California.”
Washington Capital Management, Inc.
Washington Capital Management, Inc. (WCM) is an employee owned investment advisory firm founded in 1977. WCM headquarters are located in Seattle, Washington, with branch offices in Portland, Spokane, Anchorage, Southern California and Northern California. WCM manages assets in real estate equity, real estate debt, fixed income and equity strategies; primarily for institutional clients. WCM provides a diverse menu of investment products, including equity real estate investments, commercial mortgages, and construction loans. Please visit our website at www.wcmadvisors.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.