San Diego Business Journal

Carlsbad Office Complex Sells for $29M

By Lou Hirsh Friday, June 29, 2012

Coast Income Properties Inc. of San Diego has purchased Pacific Ridge Corporate Centre, a two-building Carlsbad office complex, for $29 million.

The seller was Pennsylvania-based Brandywine Realty Trust, according to a June 27 statement from brokerage firm CBRE, which represented the buyer. According to CBRE Executive Vice President Louay Alsadek, the purchase is the largest office property transaction in North County so far this year.

The buildings at 5780 and 5790 Fleet St. have a total of 121,500 square feet, and the complex was approximately 84 percent leased at the time of the sale.

Pacific Ridge Corporate Centre, in the Carlsbad Ranch office district, was developed by Spieker Properties Inc. in 1999.