During its ownership, the Newport Beach-based real estate firm redeveloped the 2.83-acre site from office and warehouse usage to 100% office space. The company completed a $1-million capital improvement program to accommodate the needs of multiple occupants, which entailed a parking lot expansion of four cars per 1,000 sf; landscaping improvements; the addition of a second elevator; and various tenant improvements. The building, which encompasses 53,000 sf, is currently rented to Tyco Healthcare and Liberty Street Financial. It stands at 5931 Priestly Dr. within the Carlsbad Research Center complex.

"The Priestly Drive investment demonstrates why San Diego continues to be a key market for us," says Robert M. Campbell, president of CT Realty. "The Carlsbad Research Center, in particular, has maintained its strength as one of the county's premier business regions," he adds.

CT Realty and the Vista-based buyer, DEI LLC, were represented by Louay Alsadek and Mark Avilla of BRE Commercial/NAI's Carlsbad office.