March 28, 2019 – Cushman & Wakefield announced today the firm has brokered the sale of an 80,659 square foot multi-story Class A office building in Carlsbad (North San Diego), California. The buyer was Zoe Office Center, LLC, which acquired the multi-tenant asset located at 2888 Loker Avenue East for $17.6 million. The seller was Global Carlsbad I, LLC.
Starck, Executive Managing Director, said, “2888 Loker Avenue East presented a highly stable investment opportunity of a 99% leased Class A building—with over 70 tenants—that has enjoyed great historical occupancy due to its position in a thriving area with strong market demand for small office suites together with a strategic and amenity rich location.” He continued, “Carlsbad remains North County’s most vibrant submarket and continues to display excellent market fundamentals, and tenant growth and migration. Furthermore, the area has high barriers to entry adding to the building’s appeal as an investment opportunity.”
2888 Loker Avenue East consists of more than 70 professional office suites surrounding an outdoor atrium. A two-story parking structure is also positioned on site. The building is located just one block east of Bressi Ranch an upscale retail center that provides over 200,000 square feet of retail amenities, including Shea Properties’ newest development Bressi Village Square.
Starck noted, “This asset is also located within close proximity to the largest cluster of executive housing in the county and provides regional office space with minimal commute times for local decision makers and executives.”