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El Segundo, CA-based private investor Alvarez & Marsal Capital Real Estate has acquired a 40,400 SF portfolio that consists of two nearly renovated flex buildings in the heart of the Carlsbad Research Center for $5.8M, according to Cushman & Wakefield. The freestanding, single-story buildings at 2320 and 2330 Faraday Ave, feature 16-foot clear heights, at-grade loading, state-of-the-art power infrastructure and parking. The building at 2320 Faraday has nearly 23k SF and 2330 Faraday includes about 17,500 SF.
C&W San Diego managing director Aric Starck, who repped both buyer and seller, says the seller, an affiliate of locally based PacVentures Inc, had acquired the assets, built in 1980, through a foreclosure note and made significant interior improvements, modernized the exteriors and upgraded landscaping.
The buildings could accommodate various uses, including creative office users, research and development or manufacturing, he said. Besides renovations, Alvarez & Marsal plans to activate the building exterior by adding glass roll-up doors, exterior patios and modern building elevations to expand the range of tenants these assets could attract, he said. Both buildings were vacant at the time of sale.
Carlsbad Research Center, within 10 minutes of the I-5 and the Palomar Airport and an easy drive to the US/Mexico border, includes some of the most prominent manufacturing and tech companies in the nation. Google has dubbed Carlsbad “the Digital Capital of California "for good reason. It is home to a plethora of innovative tech startups focused on software development, cybersecurity, digital communications and other tech areas. According to the City of Carlsbad, there are 242 tech-oriented companies in the city that employ more than 10,000 people.
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