Miller Global Properties, a Denver-based real estate investment company, has purchased Ocean Ridge, a 75,000-square-foot office building in Carlsbad, CA for an undisclosed price. Louay Alsadek, Larry Cambra, Roger Carlson and Hunter Rowe of CBRE represented the seller, an unnamed institutional pension fund advisor, as well as Miller Global Properties. CBRE announced the sale, noting that the property was 77% leased at the time of sale.
"Ocean Ridge is the only LEED Gold multi-tenant office building in Carlsbad with subterranean parking," CBRE's Louay Alsadek said in a press release. "Combined with a credit tenant roster, an ideal location in proximity to I-5 and retail amenities along with expansive ocean views, Ocean Ridge is the foremost office investment in the entire submarket.
Located at 5796 Armada Drive, Ocean Ridge the three-story Class A property features ocean views adjacent to the Carlsbad Flower Fields and less than one mile from the ocean. Developed in the premier Carlsbad Ranch office district with direct access to I-5 from Palomar Airport Road, major tenants include Morgan Stanley, Charles Schwab, West Development and Meketa Investment Group.
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