"We multi-tenanted [the center] so we could accommodate different configurations," David Bourne, Equastone's chairman, tells GlobeSt.com. "By putting in a common-area lobby and common-area corridors we were able to have lots more flexibility when leasing the space. We had it on the market and we were trying to find a super large tenant…we weren't successful. Once we split it we had lots of activity."
The center, which was sold to DRA Fund V LLC, an investment fund run by New York-based DRA Advisors, can now accommodate tenants from 57,000 sf to 128,000 sf.
"The sweet spot in Carlsbad is under 20,000 sf, but clearly our building was too large and [our] floor plates too large to have lots of 20,000-sf tenants," Bourne says. "So the best way was for us to break it down for 50,000-sf tenants and 100,000-sf tenants. Carlsbad tends to be a smaller tenant market, so that was a key part of the success of our repositioning."
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