RAF Pacifica Group Sells Suburban San Diego Assets

The properties have a combined value of $86 million.

Fusion. Image courtesy of Cushman & Wakefield

RAF Pacifica Group has sold two Class A creative office and mixed-use properties in Carlsbad, Calif., with a combined value of $86 million. Cushman & Wakefield represented the seller in both recapitalization transactions. Clarion Partners and a private investor were the buyers.

The assets include:

  • Fusion, a newly repositioned, 121,541-square-foot Class A creative office building;
  • Lift, the city’s first-ever creative mixed-use development comprising 53,205 square feet across two Class A buildings.

Valuable assets within the San Diego office market

Clarion Partners acquired Fusion, valued at $54 million, using a $31.5 million, 10-year acquisition loan provided by Bellco Credit Union. The seller completely repositioned the property in early 2020 from a formerly industrial facility. Fully leased to Alphatec Spine, the two-story development also offers 547 parking spaces in a 4.5 spaces per 1,000 square feet parking ratio, according to CommercialEdge data.

In 2019, RPG paid $20.2 million for Fusion, according to the same data provider. The office property is located at 1950 Camino Vida Roble, less than half a mile south of McClellan-Palomar Airport. I-5, providing easy access into downtown San Diego, is less than 3 miles west. Several dining, retail and entertainment options are also available within a 1-mile radius.

Lift. Image courtesy of Cushman & Wakefield

Lift, which is valued at $32 million, comprises two buildings in the award-winning master-planned community of Bressi Ranch. According to public records, the private buyer assumed the existing debt on Lift, an $18 million loan provided by City National Bank in 2020.

Building A offers two floors of creative office space totaling 33,770 square feet, while Building B has 8,708 square feet of ground-floor restaurant space as well as 9,950 square feet of second-floor creative office space. The development also has 278 parking spaces, in a 7.7 spaces per 1,000 square feet parking ratio, according to CommercialEdge data.

Lift offers amenities such as a multipurpose lawn, outdoor barbecue areas, a fire room lounge, outdoor meeting hubs, as well as an amphitheater and rooftop decks. The properties are located at 6023 and 6021 Innovation Way, respectively, less than 2 miles northeast of Fusion, and are surrounded by several retail, entertainment and dining options. Current tenants at Lift, also brokered by Cushman & Wakefield, include Ezoic, Honma Golf and Coola Skincare.

Last month, a joint venture between Clarion Partners and LBA Realty sold The Esplanade, a four-building office complex in Phoenix. The deal was valued at $385 million, according to the Phoenix Business Journal.

You May Also Like