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Ebel Lands $6M Office/R&D Space

CARLSBAD, CA-Ebel Trust picks up the 33,000-sf property. The two-stry building is 100% leased to a single tenant.

By Amanda Paxson | Updated on September 09, 2005

CARLSBAD, CA-The Ebel Trust paid $6.7 million for an office/R&D parcel located at 1630 Faraday Ave. The 33,336-sf building is comprised of 13,440 sf of ground floor office and showroom space and 10,796 sf of warehouse and manufacturing space. Richard Lebert of Colliers International represented the buyer while Jackie Ross of WJ Commercial Enterprises represented the seller, the Levine Family Trust.Lebert tells Globest.com that the purchase was the first in San Diego County for the Ebel Trust, though the company has holdings outside the county and the state. The purchase of the parcel was a part of a 1031 exchange where the Ebel Trust reinvested equity from the sale of a Westside LA office building. The property, built in 1993, is a part of a master-planned office/R&D area, which is surrounded by residential, office and hotel properties. There are currently no plans to refurbish the building. The facility is currently 100% leased to Interior Specialists Inc., a residential flooring contractor. The company has three years remaining on its lease. According to Lebert, the location within San Diego is one of the biggest factors driving the county’s boom of activity. The type of property is secondary.”Investment properties well located like this are still in demand and demand a strong price. It doesn’t matter what it is. There aren’t enough of them,” Lebert tells Globest.com.According to a market report issued by Grubb & Ellis, the average asking rate for warehouse-distribution space is highest in San Diego at $8.16 per sf. The national average is $4.41 per sf. The report also states that the recovery in the R&D-flex market continues to lag, though rental rates are turning in response to the vacancy rate, which, although still elevated, has fallen for five consecutive quarters to 13.4%.

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