Cushman & Wakefield has represented Regent Properties in the disposal of three Class A assets in Carlsbad (San Diego), California for a combined price of US $130.75 million. The North San Diego County portfolio consists of ATLAS, a 230,957-square-foot office/R&D campus along with two single-tenant creative corporate headquarters facilities totaling 114,835 sf.
ATLAS, which completed a massive redevelopment in 2017, was acquired by Boston-based Tritower Financial Group, LLC for US $88.75 million in June. Situated on ±14.32 acres atop a prominent hillside, the campus is located at 5909 and 5919 Sea Otter Place and was 81 per cent leased to a roster of tenants including DJO Global, Syneos Health, Nortek, and Airspace Technologies.
Cushman & Wakefield Vice Chairman Aric Starck and Senior Associate Drew Dodds represented Regent Properties in the transactions, with colleagues Ben Schwartz and Brian Share arranged the acquisition financing for ATLAS on behalf of Tritower. The firm will also handle the leasing and property management for the project moving forward.
ATLAS is equipped with outdoor work and meeting spaces with lounge areas, an outdoor TV, kitchen and BBQ area, state-of-the-art indoor/outdoor fitness and wellness amenities, an on-site café (Joes on the Nose), outdoor amphitheater, and bocce ball courts. The campus is walkable to the region’s Bressi Ranch, which provides retail and restaurant amenities.
“ATLAS’ innovative indoor and outdoor work environment and onsite amenities creates a communal workspace in an idyllic Southern California environment that was designed to support modern business needs, promoting high quality work, employee health and wellness, and productivity,” explains Starck. “ATLAS’ open floor plans, floor to ceiling glass-lines, 12-24-ft clear heights, existing loading, heavy power plus its attractive amenity offering provides excellent versatility for this unique creative campus, making it a great value-add and/or life science conversion opportunity that was attractive to investors.”
The two Class A corporate headquarters facilities are located on neighboring parcels at 5540 and 5541 Fermi Ct. The 114,835-sf portfolio was acquired by Silicon Valley-based Menlo Equities for US $42 million in April. 5540 Fermi Ct is a two-story building totaling 64,948-sf and consists of office, production labs and showroom space, and features open creative office improvements, a tenant bistro/kitchen and state-of-the-art fitness center.
The building is the global headquarters for a multinational sportswear/golf brand. 5541 Fermi Ct is a two-story building totaling 49,887 sf and consists of office, engineering, sound labs, and showroom space. The ground floor features a modern lobby with customized improvements, a wet bar with beer and coffee on tap, and a bistro lounge with indoor/outdoor patio access. The second floor features open creative office, the main conference room and multiple lounge and meeting areas. The building serves as the global headquarters for a leading global audio company.
“The Fermi Ct properties are an exceptional coastal portfolio comprising two best-in-class corporate headquarters within the prestigious Carlsbad Research Center and occupied by two major long-term and well-established tenants,” says Dodds. “Each property features highly aesthetic modern architectural design inclusive of R&D, creative office and showroom functions, plus customized amenities for each tenant use.”