Bixby Land Co. Sells San Diego Creative Office Park
- Oct 17, 2018
Bixby Land Co. has sold The Oberlin, a three-building creative office park in San Diego, to a subsidiary of Crown Realty & Development. The roughly 62,400-square-foot property changed hands for $20.4 million, while Bank of America provided $14.6 million in acquisition financing, according to Yardi Matrix.
Located at 5889, 5893 and 6997 Oberlin Drive, in the city’s Sorrento Mesa submarket, the property was completed in 1986 and underwent a comprehensive renovation program after Bixby Land Co. purchased it in 2014. The improvement project transformed The Oberlin into a contemporary work environment with the addition of outdoor gathering and work spaces, a fitness area as well as upgraded interior and exterior finishes. The dog-friendly campus features bike storage and a parking ratio of 3.6 spaces per 1,000 square feet.
JLL Managing Directors Bob Prendergast and Lynn LaChapelle represented both buyer and seller. The Oberlin was 66 percent occupied at the time of sale, leased to tenants including Verimatrix, Bravo Sports and Digital Addix.
The office park provides high visibility on Mesa Boulevard and Oberlin Drive and is situated just 1 mile from the 805 at Mira Mesa Boulevard. The Oberlin is within walking distance of several restaurants and hotels.
Image courtesy of Yardi Matrix