North county Commercial real estate
2271 Cosmos Court. Photo credit: Courtesy, Cushman & Wakefield

An approximately 85,165-square-foot industrial property in Carlsbad has been purchased for $21.05 million, brokers announced Monday.

Located at 2271 Cosmos Court, the freestanding building was 100% leased at the time of sale to a global medical device and technology company that specializes in the sleep and respiratory markets.

The property sold to Wimatex, Inc. Executive Vice Chairman Aric Starck of Cushman & Wakefield, and Senior Associate Drew Dodds, with the firm’s Capital Markets division in San Diego, represented the unnamed seller in the transaction.

“This was a terrific value-add opportunity in an in-fill market and represents one of North San Diego’s largest lease-up opportunities. Currently fully leased, the property provides an investor with in-place income and strong credit while allowing for future flexibility in capturing the robust industrial market demand and growing rents,” Starck said.

The building is described as “functional and flexible,” featuring heavy power, six dock-high loading doors, three grade-level loading doors, 24-26 foot clear heights, and drive-around access.

Additional features include a large outdoor entrance and a prominent two-story lobby.

Dodds noted the “market fundamentals” of the North County area, pointing to a strong industrial submarket vacancy rate of 2% in 2022, which he called a 10-year low. He also cited approximately 245,000 square feet of annual occupancy growth.

“With limited large blocks of available space countywide and minimal construction planned and proposed, this asset is poised to perform well,” he said.

Wimatex also recently acquired a 70,262-square-foot, two-building office portfolio in Vista and Carlsbad for $13.94 million. The investment transaction also was brokered by Starck and Dodds, along with colleague Matty Sundberg.