CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has acquired 5931 Priestly Drive, an industrial/research and development (R&D) building in Carlsbad. Locally based investment firm Greene Properties sold the asset for $14 million, or $265 per square foot.
Situated within Carlsbad Research Center, the 52,800-square-foot property was fully leased to two tenants under short-term leases that expire in 2023 at the time of sale. The buyers plan to implement significant renovations and reposition the property for bioscience R&D and manufacturing. The partial two-story building features approximately 16,000 square feet of space with 24-foot clear heights, as well as heavy power, abundant parking and grade-level loading.
Michael Nucci of RW Commercial represented the seller in the deal, while Chris Baumgart of JLL represented the buyer. Baumgart will also handle leasing of the property. John Chun and John Marshall of JLL arranged the equity joint venture between Luminous and Virtus. California Bank & Trust provided financing for the acquisition and conversion.