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Deal of the Week - Sale

Regent buys Faraday building

Rick Reeder and Aric Starck, executive managing director and managing director, respectively, with Cassidy Turley of San Diego, represented the buyer, a real estate investment and acquisitions firm, and the seller, a privately-held firm based in San Diego, in the Deal of the Week.

The deal was the sale of Research Center Pointe, the 119,561-square-foot industrial building in the Carlsbad Research Center at 2210 Faraday Ave., Carlsbad, for $16.35 million.

The buyer was ROF II Faraday 2210 LLC, c/o Regents Properties, of Los Angeles. The seller was PREF Research Center LLC with Roberto Jinich vice president.

The seller bought the property in July 2012 for $13,425,000.

The property has a current vacancy of just 10 percent, according to Starck, with 68 percent occupied by two tenants, Medtronic (NYSE: MDT) (In early 2009, with 46,353 square feet for six years) and Nemko USA.

In October 2013, the adjacent, 229,753-square-foot Faraday Corporate Center office building at 2200 Faraday Ave. was sold for $40.4 million to ROF II Faraday LLC, c/o Regent Properties. Both Faraday buildings are now under a new $41,447,500 loan from General Electric Capital Corp.

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