3209 Lionshead Carlsbad, CA
- Located in a strong submarket; Carlsbad is a center for sports, high-tech and biotech users.
- Moderate vacancy in submarket : < 10% for similar product.
- Headquarters building for prAna Living, an active apparel company recently purchased by Columbia Sportswear (NASDQ:COLM)
- 33% high-quality creative office space with 24 foot ceiling-height warehouse.
- Project is 100% leased through 2020 at well-below market rents.
- Graymark will hold the asset for its strong cash yield.
- Upon lease expiration, business plan is to increase rents to market with existing or new tenant.
- Tenant has approached us with plans for company store inside facility, this will be an opportunity to spend TIs in exchange for ramping rents to market.
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