CBRE Arranges Sale of San Diego Office Building

Washington Capital Management sold a 40,000-square-foot office building in San Diego for $12.5 million. At the time of sale, the property was fully leased by the University of Southern California.

9860 Mesa Rim Road in San Diego
9860 Mesa Rim Road in San Diego

Washington Capital Management has sold an office building in Central San Diego to a Los Angeles-based 1031 exchange buyer. The two-story, 40,000-square-foot property changed hands for $12.5 million. CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo and Mark Shaffer represented the seller.

Long-Time Tenant

Located at 9860 Mesa Rim Road, between interstates 805 and 15, the property offers convenient access to Mira Mesa Boulevard and Camino Santa Fe Road. At the time of sale, the office building was fully leased by the University of Southern California. The tenant uses the asset as the San Diego headquarters for its Alzheimer’s Therapeutic Research Institute, a part of the Keck School of Medicine.

“University of Southern California is a great credit tenant. We continue to see 1031 capital outperform institutional capital on the buy-side,” said Pourcho in a prepared statement.

Earlier this year, Washington Capital Management selected Trammell Crow Co. to construct Columbia Business Park, a Class A, 1.5 million-square-foot speculative industrial development in Riverside, Calif.

Image courtesy of CBRE