Lee & Associates - North San Diego County Negotiates a $6.68 Million Industrial Sale
CARLSBAD, Calif.—November 5, 2016—Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed a $6,686,680 sale of an industrial building located at 2293 Cosmos Court in Carlsbad, California. The freestanding 47,762 square-foot corporate headquarter building consists of 12,842 square feet of high image office space and remainder warehouse with heavy power and both dock & grade level loading.
“This building was one of a few owner-user buildings on the market for sale in this size range and demand from users was very strong,” Marko noted. “The seller purchased this asset earlier this year with the intention of leasing to a tenant and holding long term, but with recent price growth, we were able to achieve a $140/SF sale price and get the seller a 15% return in less than a year. High user demand and a lack of quality buildings has pushed sale prices upward 20-25% in the last 12-18 months and we see that trend continuing into 2016.”
Isaac Little and Marko Dragovic, principals of Lee & Associates – North San Diego and Bryan Miller, principal of Lee & Associates – Orange, represented the seller, Fred Heitman. Cresa Partners represented the buyer, San Diego Hat Company, who plans to use the location as their corporate headquarters.
About Lee & Associates
Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with locations across the nation including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, Pennsylvania, South Carolina, Texas, and Wisconsin. With more than 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn and Twitter.