Coast Income Properties Inc. Acquires Pacific Ridge Corporate Centre

By Gabriel Circiog, Associate Editor Coast Income Properties Inc. has acquired a two-building office project in Carlsbad for $29 million, Rentv.com reports. The San Diego-based development company, founded in 1979, paid $239 per square foot to Brandywine Realty Trust for the Pacific Ridge Corporate Centre. The 121,500-square-foot Class A project is located at 5780 and [...]

Coast Income Properties Inc. has acquired a two-building office project in Carlsbad for $29 million, Rentv.com reports. The San Diego-based development company, founded in 1979, paid $239 per square foot to Brandywine Realty Trust for the Pacific Ridge Corporate Centre.

The 121,500-square-foot Class A project is located at 5780 and 5790 Fleet Street, in the Carlsbad Ranch office district, east of I-5 and just north of Palomar Airport Road. The project, designed by architect Brian Paul and developed in 1999 by Spieker Properties, won BOMA’s International Office Building of the Year award in 2007.

Coast Income Properties was represented by Evan August, Larry Cambra, Louay Alsadek and Roger Carlson of CBRE. The seller represented itself in the deal.

Louay Alsadek said the Pacific Ridge Corporate Centre, which was 84 percent leased when the deal was concluded, always attracted top Carlsbad tenants mainly due to its location, ocean views and design. He also specified the deal was one of North County’s largest office investment transactions in 2012.

Another notable sale took place in Chula Vista, where the 74,900-square-foot Centre Medical Plaza was sold for $24.6 million. Located at 855-865 3rd Avenue, the medical office park features one four-story and three single-story medical office buildings. The property also includes a 262-stall parking facility. The office park has 15 medical tenants in 24 suites, including Profile Institute for Clinical Research, Children’s Primary CareMedical and the State of California.

MountainWest Real Estate in partnership with Marcus & Millichap represented the seller, Centre Medical Office Plaza LLC, and the buyer.

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