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Newton Corporate Center is Quintessential Carlsbad R&D Property
Newton Corporate Center, a multi-tenant industrial/R&D building on 4.45 acres in Carlsbad, recently sold for $18.6 million. The buyer was Elion Partners.
Newmark’s Bret Hardy, Sean Fulp, Ryan Plummer and Mark Schuessler represented the seller, Rexford Industrial. The buyer 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 percent 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 in the past 13 years, and is currently configured with 50-50 office and warehouse space, aimed at current demand in the Carlsbad submarket.
The property is in the Carlsbad Research Center, a 50-acre master-planned innovation park.
- ◦Sale/Acquisition
