February 14, 2019
Palomar Triad, a distinctive multi-tenant Class A office building in Carlsbad, CA, has sold for more than $9.2 million. The buyer was San Diego-based Performance Wealth Investments II, LLC (PWI), which acquired the asset from 3G Properties, LP.
Originally developed in 1987, the property was extensively renovated in 2013. The three-story building at 2011 Palomar Airport Rd. consists of 46,550 square feet of high-quality office space on 4.87 acres.
Commercial Asset Advisors’ Michael Conger and Brian Jenkins represented the buyer. Cushman & Wakefield’s Mark Avilla Justin Halenza and Michael Mahoney advised the seller. Cushman & Wakefield’s Steve Hildebrand and Ian Bradley served as financial advisors.
Avilla says, “Palomar Triad is prominently located along Carlsbad’s main thoroughfare, and presented a remarkable value-add investment opportunity in one of the region’s most trending areas. The property was nearly 80% leased at the time of sale to a diverse tenant roster providing substantial cash flow and well-balanced rollover.”
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