Fenway Capital Advisors Sells San Diego Office Asset

The two-building Oberlin Court is located in Sorrento Valley. The new owner, Intersection, paid $7.6 million for the 93 percent leased property.
Oberlin Court. Image courtesy of Yardi Matrix
Oberlin Court. Image courtesy of Yardi Matrix

Commercial real estate firm Intersection has purchased Oberlin Court, a 31,000-square-foot office property located in San Diego’s Sorrento Valley submarket. Seller Fenway Capital Advisors, who recently teamed up with Waterfall Asset Management to acquire Points Business Park for $28.2 million, received $7.6 million in the transaction.

According to Yardi Matrix data, the Class B, two-building property had a 6.8 percent vacancy rate at the time of the sale. Fenway Capital Advisors purchased the asset in 1999 for $2.8 million. Completed in two phases between 1982 and 1983, the two-story buildings underwent renovations in 1999.

Located at 5665 Oberlin Drive, Oberlin Court has major street exposure via Mira Mesa Boulevard and is close to interstates 805 and 5. Nearby shopping, retail and entertainment venues include Westfield UTC Shopping Center, which is within 3 miles of the property. Oberlin Court is within 6 miles of University of California San Diego. Amenities include controlled access and 78 parking spaces.