Eric C. Smyth & Robert Y. Strom Acquire Industrial Parks In Carlsbad For $34.25M

The property asset involved in this transaction is a multi-tenant industrial business park located at 5931-5933 Sea Lion Place and 2788, 2790, 2792, 2794 & 2796 Loker Avenue West in Carlsbad, California. This industrial asset spans over 9.34 acres and consists of a total of 126,964 square feet. The sale was completed for a price of $34,250,000, reflecting a price per square foot of $270.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $34,250,000
• Address: 5931-5933 Sea Lion Place, 2788, 2790, 2792, 2794 & 2796 Loker Avenue West
• Market: Carlsbad
• Acres: 9.34
• Square Feet: 126,964
• Price Per Square Foot: $270
• Buyer: Eric C. Smyth & Robert Y. Strom - CIP Real Estate
• Seller: Stephen Zotovich & Bradley E. Lofgren - Peregrine Realty Partners
• Brokerage Firm: Cushman & Wakefield
• Brokers Involved: Bryce Aberg, Conor Boyle, Joe Crotty, Louay Alsadek, Madison Mawby, Ryan Demarest, Tyler Stemley & Charlie Jacobs

Cushman & Wakefield played a pivotal role in facilitating the sale, managing the transaction between the buyer and seller. The acquisition by CIP Real Estate was motivated by the strong occupancy rate of 98% across 60 tenants and the perceived value-add potential in San Diego’s North County submarket.