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.