CBRE’s Louay Alsadek and Hunter Rowe represented the seller in the transaction. SENTRE was self-represented. Scott Peterson and Mark McGovern of CBRE organized financing on behalf of the buyer. Matty Sundberg and Justin Halenza of Cushman & Wakefield were the leasing experts on the sale.
Located at 5796 Armada Drive, the three-story, 75,937 square-foot office property was approximately 86 percent leased at the time of sale. Originally built in 2006, the architecturally distinctive building was designed by renowned architect Brian Paul & Associates with a unique combination of steel, stone, and glass construction and high-quality interior finishes. The building is Energy Star certified and features subterranean parking. The well-positioned office asset is on an irreplaceable corner parcel with sweeping ocean views and is anchored by Charles Schwab, Meketa Investment Group and InvestCloud.
Ocean Ridge is strategically located in Carlsbad Ranch, an area of North County San Diego with an abundance of amenities and executive housing. The property is within one mile of I-5, a major Southern California freeway that connects Carlsbad to both San Diego and Orange Counties. The building is also less than two miles from Carlsbad Beach and the Pacific Ocean.
“The property’s coastal Carlsbad location is irreplaceable,” said Alsadek. “It is situated on a prominent bluff overlooking the Carlsbad Flower Fields and the Pacific Ocean, with expansive panoramic ocean views.” Rowe added, “There is no available coastal land to build a comparable trophy office asset with the attributes of Ocean Ridge.”
“Ocean Ridge represents the best of coastal, ocean view office space in North San Diego County. To date, the jewel box building has attracted a diversity of tenants including established finance and technology firms. We plan to further enhance the asset with an upgraded amenity package focused on engagement with Carlsbad’s outdoor lifestyle”, said Doug Arthur, President & CEO of SENTRE.