RAF Pacifica Grows San Diego Office Portfolio With $20M Buy
- Jun 27, 2019
After recently expanding their San Diego portfolio with the purchase of five industrial and office assets, RAF Pacifica Group has acquired Axis 1950, a 121,541-square-foot office building in Carlsbad, Calif., for $20.2 million. The seller was Buchanan Street Partners, according to Yardi Matrix information. The new owner selected Vice Chairman Aric Starck from Cushman & Wakefield to handle leasing at the property.
Located at 1950 Camino Vida Roble, the one-story building was completed in 1996 on a 10.9-acre site and is adjacent to the McClellan-Palomar Airport, which adds $108 million yearly to the local economy. Additionally, the asset is surrounded by other office properties, close to a dense residential area and roughly 34 miles north of downtown San Diego.
RAF Pacifica Group intends to rebrand the property as fu•sion and add a new façade. Moreover, the asset’s existing truck court will be transformed into exterior amenities such as basketball and volleyball courts, several covered and uncovered outdoor dining and seating spaces, a fire pit, an amphitheater, hammock space and drought-resistant landscaping. According to Adam Robinson, president of RAF Pacifica Group, the improvements are intended to meet the coastal outdoor lifestyle expectations of the mostly biotech, cleantech, communications and action-sports tenants.