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Cushman & Wakefield Brokers Lease then $40M Sale of New 146,000 SF State-of-the-Art Facility in Carlsbad

7/8/2020
SAN DIEGO, Calif., July 8, 2020 – Cushman & Wakefield announced today the firm has represented RPG, formerly RAF Pacific Group, in fully leasing then selling Create, a newly developed 146,108-square-foot Class A pharmaceutical manufacturing facility in Carlsbad (San Diego), California.

Create CarlsbadMilliporeSigma, whose parent company is Germany-based Merck KGaA, had signed a long-term lease for the entire property located at 2827 Whiptail Loop West a few months ago. Los Angeles-based BLT Enterprises then acquired the property from RPG for approximately $40.45 million in late June.

Aric Starck, Vice Chairman with Cushman & Wakefield, represented RPG in both the lease and disposition.

According to its company press release, MilliporeSigma’s new $110 million commercial facility is expected to open next year and will be the company’s second Carlsbad-based facility. MilliporeSigma’s new manufacturing facility will support viral and gene therapy production at the 1000-liter scale using MilliporeSigma’s Mobius® single-use equipment.

Create was designed by RPG as a lifestyle campus with high image two-story lobbies, large retractable open air windows, solar power, and an amenitized West-facing outdoor sundeck. The campus also features a bocce ball court, barbeque area, and ocean/canyon views.

“This new state-of-the-art facility is very well located in the coastal and highly coveted Carlsbad submarket and strategically positioned within San Diego, the nation’s third largest life science cluster,” said Aric Starck “This lease and expansion by a major company who has operated and made significant real estate investment in Carlsbad for decades further reflects the continued growth and desirability of our local life sciences market.”

Starck continued, “The lease also created a very attractive investment offering across the board.” He added, “Through the pandemic we continue to see ongoing investor demand for industrial product—especially of such superior quality—in San Diego, one of the country’s most desirable real estate markets.”

Notably, last month Starck had also represented RPG in selling Vector, a newly constructed 169,825-sf Class A industrial facility in Carlsbad fully leased to two tenants, for $44 million.

RPG currently owns a real estate portfolio totaling over 3.5 million square feet (msf), which includes approximately 900,000-sf of ground-up development. In the last eight years, they have acquired, developed and repositioned over $570M of industrial, office, retail, and R&D properties. RPG is one of the most innovative developers in San Diego County. Known for their state-of-the-art, Creative Industrial™, mixed-use and office facilities, they have over 1 msf of ground-up development underway. Their team has successfully developed properties in other major markets in the West, to include multi-family product. For more visit www.rafpg.com

BLT Enterprises specializes in the entitlement of industrial, office, retail, residential, mixed-use and special use properties. A privately-held, self-funded firm, the company owns and operate their assets, enabling them to make quick decisions and consistently perform at an optimal level. The company owns and/or has developed more than 5 million square feet of commercial property. For more visit http://blt-enterprises.com/

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake External Link on Twitter.

Media Contact

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • San Francisco

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.