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Carlsbad Industrial Property Trades for $19M Mark Nieto on March 1, 2023 at 8:19 pm – Robert Khodadadian

By Mar 1, 2023 # commercial buildings #Investment sales

In an interesting twist, the building was purchased by Luminous and Virtus just over a year ago with the intention of eventually converting it into a life sciences facility, but instead signed a long-term lease with footwear manufacturer REEF and kept the building industrial.

“Solid real estate in tight markets often presents attractive alternatives,” said Luminous Principal Tom Lam. “The lease with REEF was compelling enough to pivot from a life science conversion.” Luminous, which has already added significant improvements to the facility, will finish other renovations including the construction of outdoor workspaces and a solar energy system.

REEF President Mike Jensen added that he is excited about the company’s new headquarters, which will be announced once renovations are completed in June.

The post Carlsbad Industrial Property Trades for $19M appeared first on Connect CRE.

Luminous Capital Management in partnership with Virtus Real Estate has sold 2290 Cosmos Court, a 37,000-square-foot industrial/R&D building in Carlsbad, CA. Hazard Jr. Enterprises purchased the property for $18.63 million or $501 per square foot. In an interesting twist, the building was purchased by Luminous and Virtus just over a year ago with the intention …
The post Carlsbad Industrial Property Trades for $19M appeared first on Connect CRE.

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.