Harbor Associates, Ascentris Acquire San Diego Office Property
- Jun 22, 2018
A joint venture between Harbor Associates and Ascentris has acquired The Pinnacle, a Class A office building in San Diego’s Rancho Bernardo submarket. According to Yardi Matrix, the property was purchased from BioMed Realty for $31.2 million. The sale was subject to a $20.7 million loan, held by PNC Bank. This asset marks Harbor’s third purchase in San Diego, following its $15.7 million acquisition of The Bungalows at Del Mar in May.
“Pinnacle represents our thirteenth value-add office acquisition in the last three years in Southern California and third in the San Diego market,” said Justin Loiacono, principal at Harbor, in a prepared statement. “We have a robust pipeline of activity behind this transaction and look forward to further building out our Southern California portfolio.”
Located at 10920 Via Frontera, the building comprises 110,110 square feet across five stories. Built in 2007, Pinnacle offers three passenger elevators, above-standard ceiling height and 440 parking spaces. The property is currently 93 percent leased to tenants such as Charles Schwab, California Department of General Services, Enviso Capital and ShopCore Properties. The asset is the submarket’s newest office building and the only one able to offer tenants subterranean parking.
Pinnacle will undergo a capital improvements plan to include a new outdoor covered seating area and collaborative workspaces. Additionally, the property is slated to offer a modernized bike storage and locker room area, as well as a refreshed ground floor lobby.
JLL’s Managing Directors Lynn LaChapelle and Bob Prendergast represented the seller in the transaction, while Jay Alexander and Tim Olson will continue to handle leasing for the new owners. Davis Partners will serve as property manager.
Image courtesy of Harbor Associates