SAN DIEGO – Cassidy Turley, a leading commercial real estate services provider in the U.S., announces that Regent Properties has purchased Atlas at Carlsbad, a 246,668-square-foot building located at 5909 Sea Otter Place in Carlsbad, Calif., for $16 million.
““Regent Properties plans to reposition the property to serve growing tenant demand in the market, which has a scarce supply of large blocks of contiguous space,”said Aric Starck, Managing Director with Cassidy Turley’s Carlsbad office. “This facility is the former headquarters location of the Upper Deck trading card company and considered a single tenant corporate headquarters building. Regent has begun redeveloping the building to allow for a single tenant or multiple office and R&D tenants.”
Starck, along with Cassidy Turley Managing Director Dennis Visser represented the seller in the transaction, WP Carey. Starck also represented Regent Properties.
Improvements under way by Regent Properties include interior renovation and modernization, new exterior glazing, new landscaping, additional parking and site work.
Said Mr. Starck, “Carlsbad currently has no new spec construction. This project will be well positioned to capitalize on an environment where we are seeing significant net absorbtion and decreasing vacancy year after year.”
The Atlas in Carlsbad purchase brings Regent Properties’ recent office and industrial acquisitions in Carlsbad to more than 650,000 square feet. Since its founding in 1989, the Los Angeles-based company has purchased, developed, financed or managed over $2 billion in real estate transactions.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.