BentallGreenOak buys R&D/life science property in Carlsbad, Calif.

BentallGreenOak has acquired a 119,591-square-foot, research & development/life science-flex building in Carlsbad, Calif., for $35.75 million

The seller was Hill Cos.

The building, located at 2210 Faraday Ave. within the Faraday Research Center, was 100 percent leased to three R&D and life science tenants. It consists of a single-story building with second-floor mezzanine space, 24-foot clear heights, dock and grade-level loading, heavy power and ample parking. The property, which was built in 1997 and underwent significant renovation in 2005, features existing life sciences and R&D buildout.

“According to Cushman & Wakefield’s fourth quarter 2022 market report, San Diego’s North County industrial market recorded approximately 245,000 square feet of annual occupancy growth in 2022, which as a result has driven industrial vacancy inclusive of R&D Flex product types to a 10-year low of 2 percent. Minimal construction and limited land avai