North San Diego Office Asset Trades for $24M

At the time of the sale, the 148,488-square-foot building housed four tenants.
4181 Ruffin Road.
4181 Ruffin Road. Image courtesy of CBRE

IDS Real Estate Group has purchased a 148,488-square-foot office building in San Diego for $23.8 million. CBRE represented the seller, Office Properties Income Trust.

Located at 4181 Ruffin Road on a 10-acre plot, the property is within 2 miles of Montgomery-Gibbs Executive Airport and 10 miles of downtown San Diego. Interstate 15 is just 1 mile from the asset and the surrounding area provides several retail options, including a Target store adjacent to the airport.

Built in 1981 and renovated in 2013, the two-story property includes 580 parking spaces, with a parking ratio of 4.1 spaces per 1,000 square feet. The LEED-certified building was 83 percent leased at the time of the sale to four tenants, including the U.S. General Services Administration, a travel insurer and a technology company.

CBRE’s team included Louay Alsadek, Hunter Rowe and Brad Black. In April, Alsadek and Rowe also represented the seller of a 43,210-square-foot office building located roughly 10 miles north of the Kearny Mesa asset.