Alvarez & Marsal, Classical Academy Buy Industrial Assets

A series of commercial real estate transactions have taken the center stage in the San Diego market recently with a distribution facility and a research property making industry headlines. The Classical Academy has recently acquired an industrial facility formerly operated by now defunct local newspaper, North County Times. Additionally, El Segundo-based Alvarez & Marsal Capital Real Estate has moved for a Carlsbad R&D property, a deal mediated by Cassidy Turley and Madison Partners.
  • by Alex Girda

A pair of industrial assets figure in several notable recent San Diego transactions. In a $7 million deal, The Classical Academy acquired a 57,104-square-foot facility formerly operated by the defunct North County Times, the San Diego Business Journal reported.

The property was acquired from Manchester Financial Group, a company controlled by Douglas Manchester, the developer, investor and owner of the San Diego Union-Tribune. Located at 207 E. Pennsylvania Ave., the four-acre site includes two undeveloped parcels as well as the building.

Alvarez & Marsal Capital Real Estate paid $12.7 million for a 65,840-square-foot square-foot research and development building at 2251 Faraday Ave. in Carlsbad, according to SDBJ. IDS Real Estate Group of Los Angeles was the seller. The facility is 73 percent leased to pharmaceutical and medical device maker Abbott Laboratories. Cassidy Turley and Madison Partners arranged the transaction.

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