IDEC Corporation Purchases Mixed-Use Asset In Carlsbad From Hill Companies For $49.5 Million

The asset involved in the transaction is a mixed-use property located at 2200 Faraday Avenue in Carlsbad. The sale price for the property was $49,500,000, encompassing 233,194 square feet of space, which translates to a price per square foot of $212.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $49,500,000
• Address: 2200 Faraday Avenue
• Market: Carlsbad
• Square Footage: 233,194
• Price per Square Foot: $212
• Buyer: Toshi Funaki - IDEC Corporation
• Seller: Jim Hill - Hill Companies, LLC
• Buyer's Representatives: Peter Curry - Cushman & Wakefield; Weston Yahn & Dennis Visser - CBRE
• Seller's Representatives: Aric Starck & Drew Dodds - Cushman & Wakefield

In this transaction, Cushman & Wakefield provided advisory services to Hill Companies during the sale of Studio 2200. IDEC Corporation intends to relocate its operation from Silicon Valley to this facility and plans to lease out part of the space to existing tenants.