RPG Sells Creative Office/Mixed-Use Portfolio Near San Diego for $86M
CARLSBAD, CALIF. — Cushman & Wakefield has represented RPG in the sales of an office and mixed-use office/retail portfolio in Carlsbad. The assets sold for $86 million.
Sold separately, the recapitalizations consisted of Fusion, a recently renovated, 121,541-square-foot, Class A creative flex office building that is fully leased; and Lift, a creative mixed-use, ground-up development consisting of two Class A loft-style buildings totaling 53,205 square feet.
New York-based Clarion Partners acquired Fusion, located at 1950 Camino Vida Roble, with a full building value of $54 million. Renovated in early 2020, the property was formerly an industrial/distribution facility that was converted into a Class A creative flex project with extensive glass lines and high ceilings. At the time of sale, the property was leased to Alphatec Spine, a medical technology company based in Carlsbad.
Lift Innovation Way LLC purchased Lift, which comprises two buildings situated within Bressi Ranch, with a full building value of $32 million. Building A, located at 6023 Innovation Way, offers two full floors of creative office space totaling 33,770 square feet. The 19,435-square-foot Building B, located at 6021 Innovation Way, features 8,708 square feet of ground-floor restaurant space and 9,950 square feet of second-floor creative office space.
The renovated development features a multi-purpose lawn, outdoor barbecue areas, fire-room lounge, outdoor meeting hubs, amphitheater, rooftop decks on both buildings and onsite high-end restaurants/eateries. Current tenants include Ezoic, an artificial intelligence platform for publishers; Honma Golf, a golf equipment company; and Coola Skincare, a supplier of high-end cosmetic sunscreen.
Aric Starck and Drew Dodds of Cushman & Wakefield represented RPG in both transactions.