177 KSF San Diego Office Asset Lands Refi

Working on behalf of Cruzan, CBRE secured a $41.2 million senior loan for the refinance and lease-up of creative office asset Make in Carlsbad, Calif.

Make in Carlsbad, Calif.
Make in Carlsbad, Calif.

PCCP provided a $41.2 million senior loan for the refinance and lease-up of Make, a 177,000-square-foot Class A office asset in Carlsbad, Calif. Mark McGovern and Scott Peterson of CBRE arranged the financing.

Located at 5600 Avenida Encinas, the building sits on 12.7 acres, one mile from Interstate 5 and less than five miles from McClellan-Palomar Airport. The asset offers convenient access to multiple bus stations, restaurants and hotels, including BJ’s Restaurant & Brewhouse, Hilton Garden Inn Carlsbad Beach and Grand Pacific Palisades Resort & Hotel. Constructed in 1960 as a warehouse, the property was converted to office by Cruzan in 2015. Tenants at Make include GoPro, GoDaddy and Verve Wireless. The asset features a fitness center, bicycle share program and 700 parking spaces.

The loan will be used to complete minor capital improvements and divide some space into small suites.

Earlier this month, PCCP and TriStar Properties began construction on their fifth speculative industrial project located within Gateway Commerce Center in Edwardsville, Ill.

Image courtesy of Yardi Matrix