San Diego-based Pacific Realty Advisors LP has acquired the 97,219-sf complex, which is known as One Carlsbad Research Center, from I & G Faraday. The new owner, which counts Frank Sciacca, Rick Dentt and Jim Gianulas as its managing members, plans to significantly rehab the property. In addition, Pacific Realty hopes to capitalize on the project's close proximity to the new Carlsbad City Offices development, as One Carlsbad is located at 2382-86 Faraday Ave.

Both Pacific Realty and I & G Farady were represented by Lannie Allee and Roger Carlson of Coldwell Banker Commercial – North County Properties.

The One Carlsbad sale comes as investors continue to snap up San Diego office product, despite the fact that the region is still experiencing negative net absorption and continuously rising vacancy rates. As a recent Insignia/ESG report points out "an enormous amount of capital is being funneled into commercial real estate in San Diego, providing solid evidence that timidity on the part of investors in the stock market is creating a flight of capital to the attractive real estate market alternative."