SR Commercial Purchases Carlsbad Office Building on Lionshead for $8.75 million
Vinturi seller; Deal facilitated by DTZ San Diego’s Aric Starck
SAN DIEGO – July 8, 2015 – (RealEstateRama) — DTZ, a global leader in commercial real estate services, announced today the sale of a 65,000 square foot flex/R&D building located at 3193 Lionshead Avenue in Carlsbad for $8.75 million.
DTZ San Diego’s Senior Managing Director, Aric Starck, facilitated the purchase of the property between the buyer, Solana Beach-based SR Commercial, and the seller, Illinois-based Vinturi.
“Carlsbad continues to be one of the most active investment markets in San Diego. Investors are still able to purchase buildings below replacement cost in a market with excellent market fundamentals,” said Mr. Starck “At the end of the second quarter, the Carlsbad industrial vacancy dropped to 9% while continuing to see significant net absorption.”
The Class-A building is located in the master planned Carlsbad Raceway Business Park. The property is divisible for two tenant occupancy and convenient proximity to retail amenities, food court and a public park. Along with a generous parking ratio, the property offers easy access from Melrose Drive, Palomar Airport Road and Business Park Drive. The building features expansive glass and skylights to allow for an open and creative work environment.
SR Commercial purchased the vacant building and will leverage DTZ San Diego to lease the building moving forward.
About DTZ
DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions. The company’s core capabilities include agency leasing, tenant representation, corporate and global occupier services, property management, facilities management, facility services, capital markets, investment and asset management, valuation, research, consulting, and project and development management. DTZ provides property management for 1.9 billion square feet, or 171 million square meters, and facilities management for 1.3 billion square feet, or 124 million square meters. The company completed $63 billion in transaction volume globally in 2014 on behalf of institutional, corporate, government and private clients. Headquartered in Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in 50 countries and represent the company’s culture of excellence, client advocacy, integrity and collaboration.
DTZ announced an agreement to merge with Cushman & Wakefield in a May 11 press release. The new company, which will operate under the Cushman & Wakefield brand, will have revenues over $5.5 billion, over 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. The agreement is subject to customary closing conditions and is expected to close before the end of 2015. For further information, visit: www.dtz.com or follow us on Twitter @DTZ.
