CBRE Global Investors Fund Acquires Carlsbad Industrial Building
A fund advised by CBRE Global Investors has purchased a 93,254 SF industrial building at 2765 Loker Ave W in Carlsbad. The property was 100% leased to global manufacturer Nordson Asymtek at the time of sale.
Built in 1999 on a 5.22-acre site, the Carlsbad Technology Center recently underwent a major renovation, completely remodeling office space and the two-story lobby and replacing the roof. The building formerly was the global HQ of Ashworth Golf. CBRE’s Louay Alsadek, Hunter Rowe and Andrew Taylor were investment advisers to the fund, while Cushman & Wakefield’s Dennis Visser and Todd Davis repped the seller, a privately held real estate investment adviser. CBRE Global Investors repped itself.
“Investors were very attracted to this asset given the tenant’s global position, market cap, and commitment to the property, as well as Carlsbad’s improving industrial market fundamentals,” Alsadek says. According to CBRE Research, Carlsbad’s direct industrial vacancy at the end of Q4 2015 was down from 10.3% to 7.8%. The value of the deal was not disclosed.