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| Cosmos Court industrial facility, Carlsbad, CA |
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| Rusty Williams |
Rusty Williams, Chris Roth, and Jake Rubendall of Lee & Associates represented ownership in the sale and the REEF lease
Luminous and Virtus
acquired the Property in January 2022 and shortly thereafter signed a 10-year
lease for the entire building with REEF, a leading global manufacturer of
beach-inspired footwear and apparel which has been based in Carlsbad since
2007.
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| Chris Roth |
Tom Lam,
Principal, who led the purchase and sale for Luminous commented, “We initially
acquired Cosmos Court with the intention of converting it for bioscience use.
"However, solid
real estate in tight markets often presents attractive alternatives. That
proved to be the case here, as the lease with REEF was compelling enough to
pivot from a life science conversion.”
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| Jake Rubendall |
“We are excited about
our new headquarters and are appreciative of the outstanding working
relationship we have established with Luminous, the architects at ID Studios,
the construction team at C2 Building Group, and all involved in this project,”
said REEF President, Mike Jensen.
Following the sale,
Luminous will finish additional exterior improvements, including renovated
landscape/hardscape, construction of several outdoor workspaces, and the
installation of a solar energy system atop new carports.
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| Chris Roth |
The Buyer was attracted to the Property due to the long-term lease cash flow backed by REEF’s iconic brand, and the company took occupancy of the facility in late-January.
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The outdoor renovations are expected to be completed in June, at which time REEF will announce its grand opening.
Virtus provided
joint venture equity for the building’s acquisition and repositioning.
Following the sale of Cosmos Court, the Partnership has two remaining projects
in San Diego County, including 5931 Priestly Drive in Carlsbad Research Center.
Financing for the project was provided by California Bank & Trust.
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| Tom Lam |
Luminous Capital
Management, based in Irvine, CA, is a real estate investment manager which
seeks to operate on the frontier of value creation, identifying macro-trends
that complement active implementation of business plans.
Current areas of focus
for investment in the Western U.S. include properties driven by life science
discoveries, changing demographics, and growth in the digital economy.
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| Bob Dougherty |
CONTACT:
David Ebeling
Ebeling Communications
949.861.8351
949.278.7851 (Cell)
Member of the National Association of Real
Estate Editors (NAREE)
“PR Strategist for the Commercial Real Estate
Industry: I do what I love and love what I do.”