San Diego Business Journal

San Diego Firm Buys Carlsbad Office Park

Tuesday, June 18, 2013

Commercial property investment firm BBL Inc. of San Diego has purchased Ocean Terrace Corporate Center, a four-building office park in Carlsbad.

The purchase price was not immediately available, according to CoStar Group and public data, but the properties were previously part of a $7.2 million portfolio deal in 2011.

The seller in the latest transaction was Regent Properties Inc. of Los Angeles. The Class A office park was built in 2000 at 5740-5770 Fleet St.

Brokerage firm Cassidy Turley San Diego represented the buyer and seller and is handling leasing at the buildings, which total 177,149 square feet on 11.5 acres.

In its own statement, Cassidy Turley San Diego said the office park is currently 77 percent leased, with tenants including Invensys Systems, Islands Restaurants, Farmers Insurance and the corporate headquarters of Jenny Craig.

It is the third significant San Diego County acquisition in six months by BBL Inc.

“This is another important acquisition in BBL’s growth, and we continue to aggressively seek office and industrial assets in greater Southern California and Phoenix,” John Kenney, vice president of acquisitions with BBL, said in the statement.

— SDBJ Staff Report