Cushman & Wakefield has brokered the deal, valued at $19.5 million. The Fairway Corporate Center is a two-building office development.
With comparable prices ranging from $140 to $155 psf, the sale price of $169 psf is believed to be a record for concrete tilt-up construction in Carlsbad, according to Peter Andrich, a broker in the Irvine office of Cushman & Wakefield.
Andrich, along with Dennis Hearst of The Staubach Company, represented the seller and developer of the buildings, Carlsbad Associates LLP. Roger Carlson and Adam Molnar of Coldwell Banker Commercial Real Estaterepresented the buyer, a local investor operating as DEI LLC.
Built in 1999, Fairway Corporate Center is comprised of two, two-storybuildings totaling 115,414 sf and is within the 560-acre Carlsbad Research Center north of the McClellan-Palomar Airport.
Collectively, the two buildings are 92% leased. The 65,000-sf building at 5540 Fermi Court is occupied by Wells Fargo Bank. The adjacent 50,000-sf building includes tenants Taylor Made Golf, which occupies the entire second floor; Hartford Fire Insurance Company and RCI Corporation.
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