Located in a strong submarket; Carlsbad is a center for sports, high-tech and biotech users.
Moderate vacancy in submarket : < 10% for similar product.
Headquarters building for prAna Living, an active apparel company recently purchased by Columbia Sportswear (NASDQ:COLM)
33% high-quality creative office space with 24 foot ceiling-height warehouse.
Project is 100% leased through 2020 at well-below market rents.
Graymark will hold the asset for its strong cash yield.
Upon lease expiration, business plan is to increase rents to market with existing or new tenant.
Tenant has approached us with plans for company store inside facility, this will be an opportunity to spend TIs in exchange for ramping rents to market.