Fully Leased Highly Improved Office Building – Unparalleled Creative Office Buildout – Strong Tenant – The subject property is an approximately 12,176 square foot, two-story office building featuring creative open office buildout. The property is 100% leased by BAP Power Corporation dba Cenergy Power, a national solar developer and installer for medium to large
scale behind the meter and grid-scale projects, with a focus on the agriculture, commercial/industrial and utility scale markets. Cenergy Power is a major player focused only on the design, engineering and construction requirements for commercial and utility-scale solar projects. Cenergy is the only commercial solar contractor to rank Top Ten in North America consecutively since 2013 by Solar Power World.
Rare North San Diego County Asset – Desirable Location – Pride of Ownership – The subject property is located within the highly sought-after master planned Carlsbad Raceway Business Park, in Carlsbad, California. The property offers close proximity to Interstate 5 and Highway 78, providing access to nearby communities of Vista, San Marcos, Oceanside, La Costa, and Encinitas.
New Absolute NNN Lease On Close of Escrow – Rent Growth – Cenergy Power will sign a long-term Absolute NNN lease on the entire building upon close of escrow. The lease will feature 3% annual rent increases in the Primary Term and two (2) five-year options to extend at Fair Market Value.
Unparalleled Construction & Buildout – The property has unparalleled creative office buildout with unique finishes and specialized features which were built by TFW construction. The quality of construction and the unique creative and customized layout will give an investor the ability to re-lease the building quickly with substantial upside in rents.
Strong Submarket – Lack of Competition – Carlsbad continues to thrive as North County’s strongest office submarket, with the market vacancy rate decreasing to 17.7%. Average asking rents have increased to $29.36 per square foot gross per year. There is only 82,000 square feet of new office product under construction in Carlsbad, with no small “for sale” product planned, providing an investor with a rare opportunity to own a trophy asset in the heart of North San Diego County.
Affluent Demographics ($111,000 AHI) – National Corporate Headquarters – Strong Work Force – Heavy Tourism – Over 250,000 people live within a 5-mile radius of the property, with an impressive average household income of $111,700. Carlsbad is home to the corporate headquarters of many nationally recognized companies, including Callaway Golf, ViaSat, Thermo Fisher Scientific, Genoptix, TaylorMade, Ionis Pharmaceauticals, and Rubio’s. These companies benefit from a well-educated work force, with 54% of its high school graduates achieving at least a Bachelor’s degree. Carlsbad’s spectacular location in North San Diego County, with access to beaches, biking, hiking, amusement parks, and an unmatched sunny climate, draws between 3.5-4 million visitors per year, drawn to the area for work, play, and relaxation.