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Deal of the Week - Sale

Office HQ on Armada sold

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Michael Roberts, Brunson Howard and Marc Renard, of Cushman & Wakefield Capital Markets, represented the seller in the Deal of the Week.

The deal was the sale of the 81,712-square-foot, class A corporate headquarters office building at 5770 Armada Drive in Carlsbad for $23,390,000.

The buyer was Cole OFC Carlsbad CA LP, c/o Cole Real Estate Investments Inc. of Phoenix.

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 was LBA RIV-Company XXI LLC, an entity of LBA Inc. of Irvine, with Steve Layton the authorized signatory.

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.

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