SAN DIEGO-Locally based Coast Income Properties Inc. has purchased Pacific Ridge Corporate Centre from Brandywine Realty Trust for $29 million. According to Dan Curran, vice president of Coast Income Properties, “the project’s prime location and coastal amenities will continue to draw the attention of national credit tenants.”
Located at 5780 and 5790 Fleet St. in the Carlsbad submarket of San Diego, the two-building 121,500-square-foot project was approximately 84% leased at the time of sale. Louay Alsadek, Evan August, Larry Cambra and Roger Carlson of CBRE represented Coast Income Properties.
Brandywine Realty Trust represented itself. According to Alsadek, Pacific Ridge Corporate Centre is one of the top office projects in North County. “Pacific Ridge Corporate Centre has attracted the most prominent Carlsbad tenants since it was built due to its location, design, efficient floor plates and ocean views,” Alsadek says in a prepared statement. “This purchase is the largest office investment transaction in North County this year.”
Located in the Carlsbad Ranch office district, Pacific Ridge Corporate Centre won BOMA’s The International Office Building of the Year award in 2007. Architect Brian Paul designed the class A project that was developed by Spieker Properties in 1999.
According to a recent report from Marcus & Millichap Real Estate Investment Services, office sales activity rebounded last year, and with operating conditions expected to steadily improve, deal flow should continue to build momentum in 2012. “Investors’ growing confidence in local office sector recovery is fueling strong demand for high-quality assets,” says the report.
During 2012, according to Marcus & Millichap, “stabilized, toptier buildings will solicit multiple offers when brought to market, particularly those in hubs characterized as having a high concentration of established businesses.”
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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.
