Trophy Coastal Office Complex Sells To Houston Institutional Investor
Houston-based Cape Ann Properties, a national institutional investor, has purchased Pacific Ridge Corporate Centre, a two-building, trophy office complex on the coast in Carlsbad. While the selling price was undisclosed, the asking price for another Class-A office building in Carlsbad that’s 100% leased is just over $313/SF.
Located at 5780 and 5790 Fleet St, the 121,600 SF office building features a distinctive modern design with spacious lobbies, an on-site gym, showers and locker rooms, private balconies, an outdoor seating area and ocean views. The property was 92% leased at the time of sale to a diverse range of industries, including energy, real estate, finance and software development.
Calling the center one of the most desirable office properties in the North County region, CBRE EVP Louay Alsadek says the property presented a rare opportunity to acquire a trophy coastal asset in Southern California. Louay, along with associate Hunter Rowe and VP Andrew Taylor served as investment advisers to the seller, Washington Capital Management. CBRE senior associate Larry Cambra and SVP Roger Carlson provided marketing services. The buyer repped itself.