Graymark Capital, Inc., headquartered in San Francisco, in partnership with Chicago-based Blue Vista Capital Management, purchased a 127,287 square foot, five-building creative office/R&D property in Carlsbad from an affiliate of Bixby Land Company. The property, known as @Palomar, is located at 6349 and 6359 Paseo Del Lago and 1939, 1945 & 1949 Palomar Oaks Way and rests on 10.1 acres.
JLL’s Managing Director Bob Prendergast represented the seller. Graymark Capital, which purchased the property for $13,500,000, plans to perform major interior upgrades and minor exterior improvements to elevate the campus to top-tier status within Carlsbad’s tightening market.
“This property is in close proximity to the I-5 Freeway and McClellan-Palomar Airport in a popular, retail-served established office and R&D corridor,” said Prendergast. “@Palomar offered an excellent value-added opportunity for Graymark Capital to upgrade the buildings and make them more relevant for today’s users.” The property will also add to Graymark’s expanding San Diego portfolio.
According to JLL’s first quarter office report, rent growth in Carlsbad rose 6.3 percent year-over-year, and the direct vacancy rates stood at 16.1 percent at the end of the first quarter of 2015.
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Click to Tweet: #BixbyLand sells @carlsbadcagov Office Portfolio for $13.5 Million, repped by @JLL_SanDiego’s #BobPrendergast. http://ctt.ec/E9Myv