22,156-Square-Foot Industrial Property in Carlsbad
Stos Partners sold a 22,156-square-foot industrial property in Carlsbad to a private 1031 exchange buyer for $5.24 million, CBRE Group, Inc. announced Monday.
CBRE's Matt Pourcho, Matt Harris, Anthony DeLorenzo and Gary Stache, along with leasing expert Hank Jenkins of Colliers International, represented Stos Partners in the transaction.
"The asset obtained multiple offers, reflecting continued investor interest in quality industrial assets," Pourcho said in a statement. "With compelling property fundamentals, this property provides new ownership with significant future upside and secure cashflow."
The property at 5816 Dryden Place was 100 percent leased at the time of the sale and anchored by San Diego Legion Rugby (SDLR). The organization uses the building for its corporate headquarters and state-of-the-art training facility.
The building, which sold for $237 per square foot, is less than three miles from Intertate 5.
Industrial market fundamentals in San Diego have soared since the small setback in the second quarter of 2020, following the onset of the pandemic.
Total net absorption for the quarter was 1.3 million square feet, largely due to several large deals in North County, according to a CBRE research report.
