Faraday Corporate Center Changes Hands

CARLSBAD, CA-Cassidy Turley, reports that Regent Properties has purchased Faraday Corporate Center, a 229,753-square-foot class A office building located at 2200 Faraday Ave. in Carlsbad for $40.4 million. The sale marks the fourth Carlsbad office acquisition negotiated by Cassidy Turley so far this year for a combined total of more than $117 million.

In this most recent transaction, Rick Reeder, Brian Driscoll, Dennis Visser and Aric Starck of Cassidy Turley’s San Diego offices represented the seller, DRA Advisors LLC, a registered investment advisor specializing in real estate and management services. Gary Goss of Cassidy Turley’s Capital Markets division arranged financing for the purchase. There were no cooperating brokers. “Carlsbad is seeing a surge in acquisition activity by investors who are directing their attention away from the well stabilized, higher priced central submarkets including Del Mar, UTC and Sorrento Mesa,” said Reeder. “Carlsbad’s vacancy is steadily declining as more tenants also turn their attention northward to this highly regarded corporate headquarters hub. This improving tenant demand and subsequent higher occupancy positions investors for strong upside potential.”