The 74,891-square-foot Ocean Ridge office building on approximately 3.79 acres of land in the Carlsbad Ranch masterplan at 5796 Armada Drive in Carlsbad, has been sold for $27.5 million or $365.20 per square foot.
The buyer was Ocean Ridge Office Corp., an entity of LaSalle Investment Management of Sacramento.
The seller, (assessor's parcel 211-100-04) was Palomar Lowe, LLC., a California limited liability company of Lowe Enterprises Real Estate Group
Situated at the intersection of Armada and Fleet, the building is located approximately one half-mile east of Interstate 5.
Ocean Ridge, which has been described as a "jewel box" due to its signature glass and stone facade, features a large lobby, highly improved interior finishes and extensive exterior landscaping.
Built in 2006 and 69 percent occupied, Ocean Ridge was developed by Lowe Enterprises Real Estate Group, and designed by Brian Paul & Associates. The building features large 25,000-square-foot floor plates and state-of-the-art energy management.
Madison Partners director Ron Jacobson and Principal Bob Safai represented the transaction between the buyer, La Salle, under exclusive listing with the seller, Palomar Lowe.
"With its contemporary look, state-of-the-art infrastructure, amazing ocean views, abundant parking and lush landscaping, the Class 'A' Ocean Ridge building, still in its initial lease-up stage, was truly a one-of-a-kind investment opportunity ..." Jacobson said. "It was built on the last remaining lot in the Carlsbad Ranch master-planned Business Park, and was sold at a 6.8 cap after stabilization and initial lease-up at pro forma rates."
Ocean Ridge tenants include Morgan Stanley, JPI Development, Ajilon Professional Staffing, PGP Valuation, Meketa Investments and Macquarie Funds.
Madison Partners is a leading, privately held and full-service commercial real estate brokerage firm based in Los Angeles.