San Diego-Area Office Property Trades for $27M

By IvyLee Rosario

Centerpoint Plaza

Hill Cos. has acquired Centerpoint Plaza, a Class A multi-tenant office building in Carlsbad, Calif., for $26.8 million. NKF Capital Markets represented the seller, New York Life Real Estate Investors, working on behalf of an institutional client. 

Located at 5901 Priestly Drive and providing immediate access to El Camino Real and Palomar Airport Road, the property comprises 97,823 square feet across three stories. Constructed in 2007, the asset is currently 87 percent leased to tenants including Thomson Reuters, Colliers, Wells Fargo and the FBI. According to Yardi Matrix, there are five spaces available to lease, totaling 12,324 square feet. 

NKF Capital Markets’ Executive Managing Director Brunson Howard, Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones and Ken White, and Senior Managing Director Rick Stumm, represented the seller in the deal. 

“Carlsbad has really come into its own as a mature and dynamic marketplace and it continues to transform at a rapid pace with high-end retail and residential development ongoing. This along with best-in-class asset quality and investment-grade tenancy, made Centerpoint Plaza a rare and highly-sought after coastal opportunity,” said Howard, in a prepared statement.

Last week, Shannon, Jones, Howard and Stumm also arranged the $32.1 million sale of 1500 Quail St., an office building in Newport Beach, Calif., once again on behalf of New York Life Real Estate Investors. 

Image courtesy of NKF Capital Markets