CBRE Group, Inc. completed the sale of a 64,165-square-foot creative office and industrial property in Carlsbad, CA, to an unnamed high net worth 1031 exchange buyer for $11.25 million. CBRE’s Matt Pourcho, Gary Stache and Anthony DeLorenzo represented the seller, San Diego-based Sunroad Enterprises.
The 98%-leased property, at 5858 Dryden Pl., has 44 tenants and includes a high-end creative office portion that is used as executive suites, as well as a warehouse space currently being used by The International Floral Trade Center.
The warehouse portion, which comprises 75% of the building, is fully leased to 20 wholesale floral vendors with a waiting list.
“This business concept started in Carlsbad 26 years ago, where wholesale floral vendors can lease their desired space and service the San Diego County floral demand from one location,” said Pourcho.
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