Joint Venture Acquires 208,904 SF Former Hughes Aircraft Facility in Carlsbad
CARLSBAD, CALIF. — A joint venture between SteelWave and funds managed by Angelo Gordon has purchased a former Hughes Aircraft Co. facility, located at 2051 Palomar Airport Road in Carlsbad. Palomar Acquisitions Partners sold the single-story, multi-tenant property for an undisclosed price.
Situated on more than 13 acres, the property was originally developed as a build-to-suit campus for Hughes Aircraft Co. in the early 1980s, with a series of renovations over the decades. The buyer plans to convert the 208,904-square-foot asset into a modern creative office/R&D campus. Renovations will include exterior upgrades and improved amenities, as well as a re-branding that will both honor the property’s history and embrace its future use as a creative environment for tech, biotech and creative industry tenants.
Upgrades will include a new full-service fitness center, a bistro with indoor/outdoor seating, contemporary architecture, common areas with gaming and lounge areas, and multiple outdoor patios and workspaces.
Aric Starck and Rick Reeder of Cushman & Wakefield’s San Diego office represented the seller in the deal.