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Two-Tenant Building Fetches $5.45 Mil

CARLSBAD, CA-A 44,013-sf office building at 2131 Faraday Ave has been sold

By Randyl J. Drummer | Updated on January 15, 2002

CARLSBAD, CA-Equus Realty Advisors announced that the 44,013-sf office building at 2131 Faraday Ave has been sold to a private investor for $5.45 million — a 10.3% cap rate on existing income.

The seller of the property was Equus 2131, LLC, with David Bourne and Chad Carpenter as themanagers. Mark Emerick, Dennis Visser and Louay Alsadek of BRE Commercial/NAI represented the seller. Ron Reynolds of CA Commercial represented the buyer.

The single-story building was constructed in 1987 as the corporate headquarters of International Lottery and Totalizer Systems Inc. (ILTS), a supplier of computerized ticket processing systems. In August 1999 ILTS subcontracted most of its assembly work to outsource suppliers and negotiated a reduction in its leased space to 22,791 sf as part of a 5-year lease extension.

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