LA-based Regent Properties announced this week that it had purchased the former Upper Deck Headquarters in Carlsbad, CA for $16 million. Regent acquired the 246,668-square-foot building at 5909 Sea Otter Place from WP Carey; terms of the deal were not disclosed. Aric Starck, Managing Director with Cassidy Turley's Carlsbad office, represented both the buyer and seller.
"Regent Properties plans to reposition the property to serve growing tenant demand in the market, which has a scarce supply of large blocks of contiguous space," said Starck. "This facility is the former headquarters location of the Upper Deck trading card company and considered a single tenant corporate headquarters building. Regent has begun redeveloping the building to allow for a single tenant or multiple office and R&D tenants."
Improvements under way by Regent Properties include interior renovation and modernization, new exterior glazing, new landscaping, additional parking and site work, according to a GlobeSt.com article. "Carlsbad currently has no new spec construction," Starck told the publisher. "This project will be well positioned to capitalize on an environment where we are seeing significant net absorption and decreasing vacancy year after year."
For more news and information visit Blumberg Capital Partners.
No comments:
Post a Comment