An Encinitas developer has sold two Carlsbad office and mixed-use properties worth $86 million, according to real estate firm Cushman & Wakefield.
The firm represented RPG – formerly known as RAF Pacifica Group – in the separate sales of the sites, both near McClellan-Palomar Airport. They include Fusion, a 121,541-square-foot fully leased building, and Lift, a development consisting of two loft-style buildings totaling 53,205 square feet.
Fusion was acquired by New York-based Clarion Partners, LLC with a building value of $54 million. Located at 1950 Camino Vida Roble, Fusion underwent an interior and exterior renovation in early 2020 to convert an industrial/distribution facility into a commercial building that also could be used as office and creative space.
The property is fully leased to Alphatec Spine, a medical technology company. Cushman also brokered the lease, signed in late 2019, on behalf of RPG.
Lift comprises two buildings in a master-planned community, Bressi Ranch. Lift Innovation Way, LLC acquired the buildings, with a value of $32 million, in early January.
The sites include: 6023 Innovation Way (Building A), consisting of two floors of office space totaling 33,770 square feet, and 6021 Innovation Way (Building B), with 8,708 square feet of ground-floor restaurant space and 9,950 square feet of second-floor office space.
The revamped development features a multi-purpose lawn, outdoor BBQ areas, outdoor meeting hubs, an amphitheater and rooftop decks on both buildings.
Cushman also brokered existing leases in the Lift project on behalf of RPG, inking tenants such as Ezoic, a artificial intelligence platform for publishers, Honma Golf, a golf equipment company and Coola Skincare, a supplier of beauty products.
Aric Starck, Cushman & Wakefield’s vice chairman, called the sites “exceptional investment opportunities.” He also noted that “employers remain attracted to Carlsbad” thanks to its skilled labor force and “convenient infrastructure.”
Starck and Drew Dodds, a senior associate, represented RPG in both transactions, described as recapitalization sales. Starck also handled the sales of both assets when they were originally purchased by RPG.