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 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.