RAF Pacifica Acquires $60M North San Diego Portfolio

Cushman & Wakefield brokered the sale on behalf of the buyer and sellers. The properties encompass creative office and industrial space.
1905 Aston Ave. Image courtesy of Yardi Matrix

Following the sale of a 12-building portfolio in the San Diego area last year, RAF Pacifica Group has acquired five industrial and office assets in Carlsbad, Calif., for $59.6 million. Cushman & Wakefield brokered the transaction, with Managing Director Aric Starck leading efforts.

First Industrial Realty Trust sold the 67,528-square-foot industrial building at 6305 El Camino Real for $10.5 million. The facility features 20-foot clear height, seven dock-high doors, 195 parking stalls, 28,941 square feet of office, 28,940 square feet of R&D and 9,647 square feet of warehouse space. The asset was previously occupied by ViaSat and provides easy access to interstates 5 and 15.

2330 Faraday Ave. Image courtesy of Yardi Matrix

Two industrial assets, part of the Carlsbad Research Center, traded for a total of $12.8 million. Located at 2320 & 2330 Faraday Ave., the 23,375-square-foot and 17,451-square-foot are fully leased and feature 16- to 18-foot clear heights, two grade-level loading doors and a parking ratio of 3.1 per 1,000 square feet. 

The third asset part of the Carlsbad Research Center is a 48,818-square-foot industrial headquarters facility located at 1905 Aston Ave. According to Yardi Matrix, Alvarez & Marsal Capital Real Estate sold the property for $12.4 million. RAF purchased it in a joint venture with a California-based investor, who owns 65 percent interest in the property. The building was completed in 1999 and underwent cosmetic renovations in 2016.

The fifth property—sold for $23.9 million—is Avenida Crossing, a newly renovated 68,392-square-foot office campus located at 5993 & 5999 Avenida Encinas. The new owner plans to continue the renovation program commenced by the seller at the two-building, multi-tenant property.