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Marketing Description
2888 Loker is a class A Atrium office building located in north San Diego County’s most vibrant submarket, Carlsbad. The project consists of 77 professional office suites surrounding a lush outdoor atrium. A two-story parking structure, located within the same parcel as the office building, benefits the project. This well-positioned property has enjoyed strong historical occupancy as a result of limited competing product, an amenity-rich location, and strong tenant demand for small office suites. The property features individually metered suites, with exterior entrances accessed via an elevator and the main foyer. The Southern California atrium style building surrounds a lush tropical garden that provides outdoor sitting areas, pathways, and workstations. 2888 Loker is located just one block east of Bressi Ranch an upscale retail center that provides more than 200,000 square feet of retail amenities, including Shea Properties’ newest development, Bressi Village Square. This offering provides an investor the opportunity to purchase a fully stabilized, cash flow positive, multi-tenant office building at a great value located in San Diego’s thriving Office Market.
Investment Highlights
- 2888 Loker is 95.4% leased to a diverse tenant mix of 77 professional suite tenants. No one tenant accounts for more than 5% of the approximately 80,000 square foot project, limiting exposure and ensuring consistent cash flow.
- This project is ideally located within close proximity to the largest cluster of executive housing in the county and provides regional office space with minimal commute times for local decision makers and executives.
- An opportunity exists for an investor to add immediate value through the renewal of existing tenants at a fair market rate. The project’s in-place rents are currently estimated to be 15% below market.
- This investment is being offered at a great value to investors as it is anticipated to trade well below current replacement costs. High barriers to entry and improving market dynamics make this well positioned, fully leased office project a great buy.
- 2888 Loker’s suites are individually metered, with separate HVAC units. As a result, a new owner may easily adjust lease structures to pass through utility charges, or in the alternative, lease to tenants on a NNN basis. This will provide stabilized operating expenses, increased potential for net income and protect against unforeseen cost fluctuations.
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Contact Information
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Ownership Information
Property Details
Contacts
Listing removed on
BY:
Aric Starck PRO
•••.•••.4211
••••.••arck@••••••••.com
Listing removed on
BY: Ron Jacobson
•••.•••.9990
•••••bson@••••••••••••••••.net
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