RAF Pacifica Acquires $60M North San Diego Portfolio
- Mar 29, 2019
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.
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.