CBRE Arranges Sale, Financing for 2-Building Campus in San Diego
- Apr 07, 2015
CBRE has pulled double duty with the two-building office campus at 6420 and 6450 Sequence Dr. in San Diego. The commercial real estate services firm sold the 311,300-square-foot property for $85.5 million on behalf of a publicly traded company, and arranged $70 million in financing for the buyers, Invesco Real Estate and local developer Cruzan.
The campus on Sequence Dr., built in 1998, occupies 26 acres in the Sorrento Mesa submarket in Central San Diego, where both the asking rents and absorption were the highest in the metro area in the fourth quarter of 2014, according to a report by CBRE. Investors were more than intrigued by the property and its possibilities.
“The campus was very well received by investors, with over 40 property tours and above average offer activity from institutional owners, private operators, and fund advisors,” Louay Alsadek, executive vice president with CBRE, told Commercial Property Executive. “This asset was a truly unique offering with over three acres of existing common areas and five acres of developable land. Buyers saw the potential for developing an amenities package that will make the property superior to comparable projects in Central San Diego.”
New owners Invesco and Cruzan, who recevied the CBRE-arranged financing in the form of a four-year variable rate loan through Cornerstone RE Advisors, will submit the campus to extensive upgrades; however, they are not currently planning to build on the developable land.