6349-6359 Paseo del Lago 1939, 1945, 1949 Palomar Oaks Way Carlsbad, CA
- Off-market deal, located in strong North County San Diego flex/R & D market.
- 5 building portfolio, three vacant – one property new construction, one partially rehabbed, 3 in original condition.
- 127,000 SF project, 45% leased at below market rents, purchased at $105/SF
- Two vacant buildings were sold to users at $175/SF, resulting in a significant profit.
- Graymark executed a repositioning plan that included major interior upgrades and minor cosmetic improvements to the exterior of the remaining vacant building.
- Existing tenant has been extended for 4 years and all vacant space has now been leased.
- Fully realized on the asset August 2017 resulting in a substantial profit for just a 2-year hold.