1675 Faraday Avenue
Industrial Corp HQ Sale-Leaseback w/ Ocean & Golf Course Views | North San Diego, CA
Marketing description
Strong Market Fundamentals
—While the overall ±51M SF North County industrial market remains healthy at a 5.5% vacancy rate, manufacturing industrial buildings have even a lower vacancy rate at 4.5%. Drilling down further into Carlsbad specifically, the Carlsbad industrial manufacturing vacancy rate is currently a low 4.6%.
Irreplaceable Coastal Location
—Located in the heart of North County’s premier business park environment – the Carlsbad Research Center. Carlsbad boasts the largest concentration of credit tenants in North County due to its coastal location and superior quality of life. The building is surrounded by North County’s most recognizable companies such as Callaway Golf, Titleist, Taylor Made, Thermo Fisher Scientific, Novartis, Arrowhead Insurance, Mercedes Benz, Reef, Puma and ViaSat.
—Located across from the 600,000 SF Thermo Fisher Scientific campus and other life science / medical device neighbors, the buildings offer tremendous reposition opportunities and flexibility given the diverse tenant demand and strong corporate neighbors within the CRC.
—Easy access to Palomar Airport Road, Carlsbad’s largest east-west thoroughfare, which averages over 32,000 cars/day. The property is also located just 2.3 miles from Interstate 5 which provides access to all of Southern California.
Investment highlights
Download OM here: https://bit.ly/1675faradayaveCX
Mission-Critical Single-Tenant Class A Industrial HQ Asset
—Leaseback Terms: 7 years with 3% annual escalations at a starting base rent of $1.40/PSF NNN. Market rent is $1.60/PSF NNN, with a new adjacent lease comparable at $1.60/PSF NNN (more lease comps available upon request). This below market leaseback rent preserves a buyer’s basis.
—Established, Creditworthy Tenant with a 45+ Year Operating History:
Modern Postcard (www.modernpostcard.com) has been at this building since building it back in 1999. No expense was spared as this was one of the first “creative industrial” buildings in San Diego County featuring modern finishes with an open exposed ceiling. Modern Postcard is a Carlsbad, CA based direct mail marketing and printing company with roots going back to 1976. They are trusted by over 330,000 businesses and offer a full suite of services including in-house production and printing, onsite mailing services, list and data services, integrated digital marketing solutions, personalized account management, and professional creative services
—Established Tenancy: Uniquely situated on an ocean view bluff overlooking the golf course, Modern Postcard has been at this building since building it back in 1998. No expense was spared as this was one of the first “creative industrial” buildings in San Diego County featuring modern finishes with an open exposed ceiling.
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