Equus Sells Warehouse, Excess Land for $7M

CARLSBAD, CA-Research Point Center LLC has acquired an industrial building with excess land at the Carlsbad Research Center and plans to renovate the property and add nearly 23,000 sf of industrial space to the site.

In the deal, Research Point Center paid EQBP-1, an affiliate of La Jolla-based Equus Realty Advisors LLC, nearly $7.2 million for a 97,827-sf warehouse building. The buyer will now begin a development project, transforming the facility into a 120,000-sf R&D building that will be known as Research Center Pointe and will offer 3/1000 parking. The project is expected to conclude in August.The facility will be divisible to 40,000 sf, according to Dennis Visser, who, along with Mark Emerick, both of Grubb & Ellis/BRE Commercial, represented Equus. Andy Meltzer also of Grubb & Ellis/BRE represented the buyer. “The exterior renovation will include extensive site work to create expanded parking areas at 3/1000,” Visser says. He adds that the project calls for landscaping, enhanced open areas and the addition of outdoor patio eating areas. “It will also include the removal and reconstruction of exterior walls to include extensive high-performance reflective glass, prominent two-story atrium entry features and building/monument signage.” Melzer, Visser and Emerick are marketing the property for lease, targeting corporate and R&D users with space needs ranging from 40,000 sf up to the full 121,501 sf. Equus has been busy turning deals at the 25-acre Faraday Corporate Centre. In February, Equus sold two vacant land parcels totaling 4.6 acres to Faraday Spectrum LLC, an affiliate company of Ken Satterlee. Faraday Spectrum plans to develop nine small office/R&D buildings, ranging in size from 3,000 sf to 14,000 sf. Seven of the buildings have been pre-sold.Recently, Equus subdivided the Faraday Corporate Centre space into four parcels: the warehouse on 6.9 acres; the two land parcels and a 229,753-sf office building on 13.9 acres. Besides selling the land pieces, Equus has secured a lease agreement for 42,884 sf in the office building. For now, Equus will hold onto the office property, which is currently 23% occupied. Angel Studios dba Rockstar is the only current tenant, having agreed to a seven-year lease at $5.5 million for 42,884 sf of second-floor space. Visser, Emerick and Rick Reeder of Grubb & Ellis/BRE represented Equus while Scott Ginsburg and Bill Fleck of the Staubach Co. represented Rockstar.