San Diego-Area Creative Park Sells for $23M

The fully leased, three-building property came online in 1989 and recently underwent renovations.
Element. Image courtesy of Cushman & Wakefield

Cushman & Wakefield facilitated the sale of an 83,212-square-foot property, comprised of three buildings, in Carlsbad, Calif. The company represented the seller, Alvarez & Marsal Capital Real Estate. The buyer was a private investor from California who paid $23.1 million for the asset. At the time of the transaction, the buildings were fully leased to seven tenants.

The last time the asset changed hands was in 2016, when Alvarez & Marsal Capital Real Estate bought it from Lincoln Property Co. for $15.3 million, according to data from PropertyShark.

Element is comprised of three industrial/R&D buildings. Located at 2232, 2234 and 2236 Rutherford Road, the property was constructed in 1989 and recently renovated. The three buildings are situated on 4.8 acres, within a 35-minute drive from McClellan Palomar Airport.

Cushman & Wakefield Vice Chairman Aric Starck represented the seller in the transaction. In another recent deal, Starck negotiated the sale of a Carlsbad industrial asset.