The 81,712-square-foot, Class A corporate headquarters office building at 5770 Armada Drive, Carlsbad 92008, has been sold for $23,390,000.
The buyer was Cole OFC Carlsbad CA LP, c/o Cole Real Estate Investments Inc., 2325 E. Camelback Road, Suite 1100, Phoenix 85016.
The price included the assumption of a September 2012 loan originally for $12 million from The United States Life Insurance Company in the City of New York.
The seller of the property (assessor's parcel 211-022-26) was LBA RIV-Company XXI LLC, an entity of LBA Inc., with Steve Layton the authorized signatory, 17901 Von Karman Ave., Suite 950, Irvine 92614.
Michael Roberts, Brunson Howard and Marc Renard, of Cushman & Wakefield Capital Markets, represented the seller.
The property is currently fully leased to SkinMedica, a wholly owned subsidiary of Allergan Inc.(NYSE: AGN).
The Class A building was constructed in 1998 on a 4.7-acre lot. Soon after it was completed, the property sold for $10.4 million; then in 2003 for $14,382,000, in May 2005 for $16.7 million and in April 2012 for $15.6 million.