San Diego Office Property Trades for $18M
- May 24, 2018
Cal-Sorrento LTD has acquired a multi-tenant office building in the Rancho Bernardo master-planned community of San Diego, for $17.9 million. Cushman & Wakefield Capital Markets represented the seller, Palisades Property Trust, in its disposition of the property.
Constructed in 1989 and located at 12230 World Trade Drive, the two-story, 61,227-square-foot asset is situated on a 4.9-acre lot. The property underwent renovations in 2016, which included upgrades to the lobbies, common areas and entryways.
“(The building) is a well-maintained, institutional quality asset positioned along the Southern California coast, located in close proximity to numerous amenities, including two large retail centers and housing,” said Cushman & Wakefield Vice Chairman Jeffrey Cole, in a prepared statement. “The property is 100 percent leased to four tenants, providing secure tenancies and strong in-place revenue. The tenancy is characterized by primarily technology and healthcare focused companies.”
The Cushman & Wakefield team arranging the sale included Cole, Executive Managing Director Rick Reeder, Director Ed Hernandez, Executive Director Brad Tecca and Associate Nico Napolitano.
Earlier this year, Cushman & Wakefield Capital Markets also arranged the $105 million sale of Gateway at Torrey Hills, a San Diego Class A office campus located just off Interstate 5.
Image courtesy of Cushman & Wakefield