LOS ANGELES – March 1, 2016 – A fund advised by CBRE Global Investors has acquired a 93,254 square foot single-tenant, Class A industrial property located in the San Diego area. The state-of-the-art property is fully leased to a manufacturer of automated dispensing systems that apply coating and protective fluids for smart phones and other devices.
Located at 2765 Loker Avenue West in Carlsbad, California, the property is close to the Carlsbad Airport as well as the I-5 and SR-78 freeways. The property features 28-foot clear heights and recently was completely renovated to create state-of-the-art office, lab and manufacturing space. The asset also is fully air-conditioned throughout the building.
With proximity to the engineering centers of the University of California, San Diego and the University of San Diego, Carlsbad has a diversified, high tech-driven economy with a diverse business sector that attracts a highly educated and highly skilled workforce. The local industrial market has experienced strong fundamentals with absorption trending upward and vacancy rates decreasing.
“Carlsbad has become an important tech manufacturing hub for companies looking to reach the Southern California market with consistent demand for this type of product,” said Kim Hourihan, Portfolio Manager, CBRE Global Investors. “This property was designed to deliver the most modern level of tech manufacturing facility that would meet the tenant requirements in the market.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.0 billion in assets under management* as of December 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment firm for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.