March 7, 2017
San Diego-based investor Kathleen Lathrum acquired a Carlsbad, CA office asset from Arch Investments LLC for roughly $2.9 million and a cap rate of 5.34%. The 8,585-square-foot property is located at 5051 Avenida Encinas.
Marcus & Millichap’s Ben Tashakorian and Scott Hilmen represented both the buyer, as well as San Diego-based seller.
The 100%-occupied, single-tenant office building is occupied by Grant General Contractors. The company has been located at the property since it was built in 1982, and has more than three years remaining on its lease.
Hilmen notes the single-story building is located west of Interstate 5 within walking distance of the beach. The corridor has attracted a number of regional and national landlords, which have acquired properties.
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