The Atlas campus in Carlsbad. Photo credit: Courtesy, Cushman & Wakefield
Regent Properties has sold three commercial sites, including a Carlsbad research and development campus, for a combined $130.75 million, real estate officials said.
The North County portfolio consists of Atlas, the 230,957-square-foot R&D campus, which also includes office space, along with two single-tenant corporate headquarters.
Vice Chairman Aric Starck and Senior Associate Drew Dodds of Cushman & Wakefield represented Regent in the transactions.
Atlas, which completed a major redevelopment in 2017, was acquired by Boston-based Tritower Financial Group, LLC for $88.75 million in June.
Situated on more than 14 acres atop a hillside, the campus, at 5909 and 5919 Sea Otter Place, was 81% leased to a roster of tenants that include DJO Global, Syneos Health, Nortek, and Airspace Technologies.
Cushman & Wakefield’s Ben Schwartz and Brian Share arranged financing for Atlas on behalf of Tritower. The firm also will handle future leasing and property management for the project.
Atlas, Starck said, was designed to support modern business needs, while also being “a great value-add and/or life science conversion opportunity that was attractive to investors.”
The other two facilities, located on nearby parcels at 5540 and 5541 Fermi Court, make up a 114,835-square-foot portfolio that was acquired by Silicon Valley-based Menlo Equities for $42 million.
One of the buildings is two stories and totals 64,948 square feet with office, production labs and showroom space. It is the global headquarters for the multinational golf brand Taylormade.
The other, also a two-story building, totals 49,887 square feet and consists of office, engineering, sound labs and showroom space. The building serves as the home for Sound United, a global audio company.