Newmark Capital Markets has announced the sale of Centerpoint Plaza located at 5901 Priestly Drive in Carlsbad. The property is a class A three-story, multi-tenant office environment totaling 97,823 square feet of space.
Newmark Capital Markets Executive Managing Director Brunson Howard, Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Paul Jones and Ken White, and Senior Managing Director Rick Stumm represented New York Life Real Estate Investors on behalf of an institutional client in the $26.8 million transaction to the buyer Hill Companies.
Centerpoint Plaza was completed in 2007. It is approximately 87 percent leased to tenants that include Thomson Reuters, Wells Fargo, Colliers, and FBI, among others. The steel-framed building benefits from a dramatic arrival with its two-story main lobby. The location provides immediate access to both El Camino Real and Palomar Airport Road within a growing executive residential and retail development.
“Carlsbad has really come into its own as a mature and dynamic marketplace and it continues to transform at a rapid pace with high-end retail and residential development ongoing. This along with best-in-class asset quality and investment-grade tenancy, made Centerpoint Plaza a rare and highly-sought after coastal opportunity,” said Howard.
Carlsbad is North San Diego’s largest and most sought-after office market, attracting companies seeking a highly-educated workforce and amenity-rich environment. Carlsbad has experienced nearly 600,000 square feet of positive net absorption over the past five years.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $49.9 billion in assets under management as of March 31, 2018, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
Discussion of Forward-Looking Statements about Newmark Group
Statements in this document regarding Newmark Group that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.