Promontory Business Park

Promontory Business Park

Property

  • A six building, 80,583 sf, high image Industrial / R&D project located in prestigious Carlsbad, an upscale coastal city in San Diego

Advantages

  • Value enhancement opportunity
  • Ideally located, close to Interstate 5, with immediate access to Palomar Airport Road, the main east-west thoroughfare
  • Fully leased and generating a steady stream of cash flow for downside protection
  • San Diego is one of the most desirable investment regions in the United States
  • The real estate market was beginning to recover and anticipated rents would rise
  • Multiple exit strategies, including subdividing and selling the freestanding buildings or selling the project fully leased to an investment buyer

Results

  • Repositioned by upgrading the property and tenant quality and obtaining NNN leases
  • Successfully subdivided the project and sold individual units in a rising owner-user / investment market achieving above average┬áper square foot prices