The 53,000-sf, two-story building at 5931 Priestly Dr. is on about three acres of the Carlsbad Research Center. CT Realty will invest more than $1 million to redevelop the property from a single-tenant facility into a multi-tenant office project featuring flexible floor plans, according to Dave Ball, vice president of development. The building will be converted from office and warehouse usage to 100% office space with the conversion of 13,000 sf.

Ball says the 16-year-old building will undergo changes and upgrades. "Our goal with this project is to completely reposition it within the multi-tenant marketplace by creating an updated image that supports its new purpose," Ball states. "Carlsbad Research Center was the site of one of CT Realty's earliest investments."

Lannie Allee and Doug Simpson of Coldwell Banker Commercial's Carlsbad office represented both CT Realty and Callaway Golf in the sales transaction. Equity financing was provided by Cargill Financial Services Corp., with debt financing provided by Fremont Investment & Loan.