Dealmaker: CBRE Sells San Diego Industrial Property for $26M

CBRE, Dallas, brokered an industrial property sale in Carlsbad, Calif. totaling $25.75 million.

CBRE Senior Vice Presidents Roger Carlson and Bill Dolan and Senior Associate Blake Wilson represented the seller, New York-based Link Logistics, in the transaction. The buyer was represented by an outside firm.

Located at 2285 Rutherford Road, the 128,745-square-foot R&D and manufacturing facility was originally in 1990 as part of the Carlsbad Research Center. The two-story building occupies a 6.5-acre lot and has four dock-high loading doors, four grade-level doors and 342 parking spaces. The property, which was vacant at closing, is adjacent to McClellan-Palomar Airport, the primary airport serving North County San Diego.

“Carlsbad continues to emerge as a life science/biotech hub,” said Carlson. “Due to limited availability in the central San Diego market, companies are looking north to Carlsbad.”

San Diego-area industrial market fundamentals have soared since seeing a small pandemic-related setback in second-quarter 2020. Total fourth-quarter net absorption exceeded 1.3 million square feet, largely due to several large deals in the North County submarket, CBRE research reported.