SAN DIEGO-CB Richard Ellis Capital Markets has handled the refinancing of Carlsbad Gateway Center, a multi-tenant industrial business park and office building in Carlsbad, CA. Located at Palmer Way and El Camino Real, the 232,800-square-foot project is comprised of eight single-story multi-tenant incubator industrial buildings and one two-story class A office building.
Built from 1986 to 1989, the owner, Cornish Family Trust, acquired the property in 2003 with floating rate debt and successfully took advantage of the recent decline in interest rates to secure an attractive fixed-rate loan. Mark McGovern and Jeff Rice of CBRE Capital Markets Debt & Equity Finance in the San Diego Central office secured the long-term funding on behalf of the sponsor, Carlsbad Gateway Center LLC.
McGovern tells GlobeSt.com that occupancy is currently at 90%. He also points out that the center is located along El Camino Real near Carlsbad Research Center. According to CBRE Q4 Industrial Market View Report, Carlsbad has an overall industrial vacancy rate of 12.9%.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
