DRAWBRIDGE REALTY TRUST ACQUIRES PACIFIC VIEW CORPORATE CENTER IN NORTH COUNTY SAN DIEGO
Carlsbad, CA - August 30, 2013 - Drawbridge Realty Trust has acquired the Pacific View Corporate Center property located at 5759 Fleet Street in Carlsbad, California. The property was acquired for $22.3 million. The two-story class-A office building totals 80,862 square feet and is 100 percent leased to two tenants: Synteract, Inc. and RF Micro Devices (NYSE: RFMD). Pacific View Corporate Center was built in 1998 and offers an outstanding coastal location within the Carlsbad Ranch subdivision. The seller, TA Associates Realty, was represented by the C&W Capital Markets Division, including Jeff Cole, Ed Hernandez, Michael Roberts and Brunson Howard. Drawbridge Realty Trust was represented by Rick Reeder, Joe Anderson, and Dennis Visser of Cassidy Turley.
"Pacific View Corporate Center met all the key criteria for our acquisition profile," said Mark Whiting, Chief Executive Officer of Drawbridge Realty Trust, LLC. "With its high quality location in San Diego's North County, hill-top ocean views, strong corporate user client base and proximity to retail, lodging, and other amenities, we believe the property is a strong complement to our existing portfolio."
Drawbridge's acquisition activity over the last twelve months exceeds $140 million, and its total portfolio now comprises over two million square feet. The acquisition of the Pacific View Corporate Center in Carlsbad is consistent with Drawbridge's practice of acquiring well located properties leased to major corporations in markets experiencing positive absorption and job growth.