09/27/2021 | Press release | Distributed by Public on 09/28/2021 07:30
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September 27, 2021 2:00 PM
Newmark Knight Frank ("Newmark") announces it has arranged the $18.6 million sale of Newton Corporate Center, a multi-tenant, industrial/R&D building situated on approximately 4.45 acres in Carlsbad, California.
Newmark Executive Managing Directors Bret Hardy and Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler represented the seller, Rexford Industrial. The buyer, Elion Partners, was represented by Greg Pieratt of Lee & Associates.
"Newton Corporate Center is the quintessential Carlsbad R&D property with equal parts office and warehouse," said Plummer. "This type of product isn't being developed today, creating future supply constraints in a submarket where flex industrial demand continues to increase."
The 71,602-square-foot property is 100% leased to four tenants with 2.8 years of weighted average lease term. Built in 1997 and renovated in 2009 and 2016, the property has benefited from institutional ownership over the past 13 years and is currently configured with 50% office and 50% warehouse space, which is ideal for the demand in the Carlsbad submarket.
The property is also ideally located in the prominent Carlsbad Research Center, a 50-acre master-planned innovation park, which provides a high-image corporate setting for the tenants with visibility from Faraday Avenue and ease of access to Interstate 5.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Our comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, growing startups to leading companies. In 2020, Newmark generated revenues in excess of $1.9 billion. Newmark, together with London-based partner Knight Frank and independently owned licensees, operates globally from approximately 490 offices with 19,300 professionals. To learn more, visit nmrk.com or follow @newmark.
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