Alexandria Real Estate sells fully leased building in Carlsbad
This one-story office building overlooking the Pacific in Carlsbad sold for $64.1 million, significantly less than its previous sale price. (CoStar)
By Sage Gusti with
CoStar Research
Alexandria Real Estate Equities has sold a fully leased one-story office property in Carlsbad, California, for $64.1 million, or approximately $354 per square foot. The buyer of record is MJ Make LLC.
The 180,999-square-foot building at 5600 Avenida Encinas, alongside Interstate 5 and overlooking the Pacific Ocean, was built in 2015 and is fully leased to tenants including Vuori Clothing, Canyon Bicycles and at least one bioscience company; the identity of tenants occupying most of the building have not been disclosed. Known as the Vuori building, the property features modern office space in the Carlsbad submarket of San Diego.
The transaction represents a significant price decrease from when Alexandria Real Estate Equities acquired the property in July 2021 for $135.5 million, or approximately $436 per square foot, as part of a nine-property portfolio.
Alexandria Real Estate Equities is focused on owning, operating, developing and acquiring high-quality real estate for life science, technology and agtech campuses in North America. The company owns approximately 474 properties totaling over 53 million square feet.
For the record
Aric Starck, Brian Starck and Drew Dodds of Cushman & Wakefield represented the buyer. Matthew Carlson, Hunter Rowe, Matt Pourcho, Brian Russell and Anthony DeLorenzo of CBRE represented the seller.
Reposted with permission from CoStar
