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Centerpoint Plaza Sale Extends Recent Wave of Office Deals in Northern San Diego

New York Life Sells Carlsbad Property for $26.8M
August 7, 2018
Canadian real estate development firm Hill Cos. has acquired the Centerpoint Plaza office property in Carlsbad, CA for $26.8 million in the latest example of what has become one of the most active neighborhoods for deals and projects within northern San Diego County.

New York Life Real Estate Investors, the real estate investment arm of New York Life Insurance Co., sold the 97,823-square-foot, three-story office building at 5901 Priestly Dr. for almost $274 per square foot, according to brokers at real estate advisory firm Newmark Group's NKF Capital Markets, which represented the seller.

New York Life acquired the property back in June 2014 for $26.3 million, or about $268 per square foot, from GE Capital Real Estate and Muller Co., according to CoStar data.

Today, Centerpoint Plaza is 87 percent leased to multiple tenants including Thomson Reuters, Wells Fargo, Colliers International and the Federal Bureau of Investigation (FBI).

Deal Summary:
Property: Centerpoint Plaza
Address: 5901 Priestly Dr.
Size: 97,823 SF
Price: $26.8 million
Buyer: Hill Companies
 Broker(s): In-house
Seller: New York Life Real Estate Investors
 Broker(s): Brunson Howard, Kevin Shannon, Paul Jones, Ken White, Rick Stumm - Newmark Knight Frank
CoStar COMPS #4469969.

Carlsbad is San Diego County’s fifth-largest city with a population of just under 114,000. The city has seen a steady post-recession wave of new construction, recently including several speculative office projects. CoStar Market Analytics' data indicates the city has seen office rents grow 1.7 percent over the past year, even while its office vacancy rate of 18.1 percent surpasses the countywide average of 10 percent.

The Carlsbad submarket has posted $202 million in office property deals during the past 12 months, well above the historical average of $116.3 million. Technology providers are among the biggest office users in Carlsbad, led by satellite communications firm ViaSat Inc., which currently occupies 180,000 square feet and will soon expand by an additional 300,000 square feet in the area.

Lou Hirsh, San Diego Market Reporter  CoStar Group   
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