Irvine’s CIP Real Estate acquires Carlsbad Oaks Commerce Center and El Fuerte Business Park totaling 126,964 SF in San Diego’s dynamic North County
SAN DIEGO, Calif. – December 9, 2024 – Cushman & Wakefield announced the firm has advised the sale of a pair of multi-tenant industrial business parks totaling 126,964 square feet on a combined over ±9.34 acres in Carlsbad, California. Consisting of the Carlsbad Oaks Commerce Center and the El Fuerte Business Park strategically positioned within San Diego’s dynamic North County, the portfolio comprises seven buildings and is currently 98% leased to approximately 60 tenants.
The portfolio was purchased for $34.25 million ($270 per square foot) by Irvine, CA based CIP Real Estate, a full-service real estate investment company focused on the acquisition, repositioning, re-branding, and management of industrial assets throughout West Coast, Southeast and Texas markets. The seller was Peregrine Realty Partners, a West Coast-based commercial real estate firm.
Cushman & Wakefield’s Bryce Aberg, Louay Alsadek, Maddie Mawby, Charlie Jacobs, and Ryan Demarest represented the seller in the transaction. Conor Boyle, Joe Crotty, Tyler Stemley, and Brant Aberg, SIOR of Cushman & Wakefield also provided local market advisory.
“These two assets reflect highly attractive small bay, multi-tenant industrial/flex properties in the highly sought-after North County submarket of San Diego. Both properties have maintained an exceptional history of occupancy to a strong and diversified tenant base,” said Bryce Aberg, Vice Chair. “The property’s varied suite sizes provide a preferred location for smaller industrial tenants seeking growth and flexibility, while providing the buyer with a unique value-add asset with a strong mark-to-market opportunity supported by consistent tenant demand in these types of flex properties.”
Built in 1990, Carlsbad Commerce Center consists of two buildings totaling 48,638 sf on ±3.76 acres and is currently fully leased to 21 tenants. The addresses include 5931-5933 Sea Lion Place. Built in 1989-1990, El Fuerte Business Park consists of five buildings totaling 78,326 SF on ±5.58 acres and is currently fully leased to 39 tenants. The addresses include 2788, 2790, 2792, 2794 and 2796 Loker Ave W.
The two properties are located just around the corner from one another and provide quick access to Palomar Airport Road connecting to key freeways I-5 and SR-78/I-15. The portfolio is also near the attractive retail/shopping amenities and residences of the Bressi Ranch neighborhood.
“Across the Southwest and beyond, we continue to see robust investor demand for these types of quality smaller suite, small bay multi-tenant industrial/flex business parks, due to their exceptional investment stability, consistent tenant demand, and functionality/flexibility,” added Louay Alsadek, Vice Chair, “Our Capital Markets has been very active in the sales of these types of assets.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.
