SAN DIEGO—Los Angeles-based Regent Properties has purchased Atlas at Carlsbad, a 246,668-square-foot building located at 5909 Sea Otter Pl. in Carlsbad, Calif., for $16 million. And according to Cassidy Turley's Aric Starck, a managing director, the company plans to reposition the property “to serve growing tenant demand in the market, which has a scarce supply of large blocks of contiguous space.”
Starck points out that the facility is the former headquarters location of the Upper Deck trading card company and considered a single tenant corporate headquarters building.
“Regent has begun redeveloping the building to allow for a single tenant or multiple office and R&D tenants,” he says.
He tells GlobeSt.com that "Regent has been very active in the Carlsbad market because they are able to purchase assets far below reproduction costs and are capitalizing on the strong market dynamics. Their primary focus has been purchasing office projects with large blocks of vacant space. Currently, a office tenant in Carlsbad over 25,000 square feet will only have a few options for consideration. This is creating a scarcity premium as the inventory diminishes.”
Starck, along with Cassidy Turley managing director Dennis Visser represented the seller in the transaction, WP Carey. Starck also represented Regent Properties.
Improvements under way by Regent Properties include interior renovation and modernization, new exterior glazing, new landscaping, additional parking and site work. “Carlsbad currently has no new spec construction. This project will be well positioned to capitalize on an environment where we are seeing significant net absorbtion and decreasing vacancy year after year.”
The Atlas in Carlsbad purchase brings Regent Properties' recent office and industrial acquisitions in Carlsbad to more than 650,000 square feet. Since its founding in 1989, the Los Angeles-based company has purchased, developed, financed or managed over $2 billion in real estate transactions.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
