10:00 AM
Newmark Grubb Knight Frank (NGKF) has completed the sale of Palomar Corporate Center, a fully occupied, 66,922-square-foot industrial property in Vista, California.
Brent Bohlken, senior managing director, and Paul Britvar, associate with NGKF in the firm’s La Jolla office, completed the sale on behalf of the buyer, San Mateo, California-based TDA, Inc. The seller was D. A. Whitacre Family Trust.
Built in 1999 and located at 3210 Executive Ridge Drive, Palomar Corporate Center is situated on 3.62 acres. It is fully occupied by EarthLite as its corporate headquarters. A leading supplier of massage tables and accessories, EarthLite also uses the building for manufacturing, distribution and sales activities. The property features approximately 15,000 square feet of finished mezzanine space, four grade-level loading doors, four dock-high loading doors, a freight elevator and 128 parking spaces.
“The buyer sought out Palomar Corporate Center because it is a stabilized, pride-of-ownership asset in a good location where vacancy is very low - about 4.5 percent,” said Bohlken. “The buyer plans to hold long-term.”
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.