San Diego Office Sales Heat Up as End of Year Approaches
- Dec 15, 2014
The San Diego office market is a hotbed for small and medium-size transactions these days as investors scramble to wrap up deals before the end of the year. Sales have closed recently in a variety of submarkets, such as Rancho Bernardo, Carlsbad, Mission Valley and Kearny Mesa.
Palo Alto-based Menlo Equities Associates L.L.C. paid Parallel Capital Partners $22 million for One Technology Place in Rancho Bernardo. Located at 10905-10949 Technology Place, the complex comprises 10 buildings totaling roughly 152,000 square feet.
The campus was developed in 1985 on a 12-acre site. At the time of the transaction, One Technology Place had an occupancy rate of about 75 percent. According to The San Diego Business Journal, the property underwent a $3 million renovation of its interior and exterior.
In Kearny Mesa, MIG Real Estate acquired Viewridge Business Park. Located at 4711, 4715 and 4719 Viewridge Ave., the asset totals 72,571 square feet. Currently 82 percent occupied, the property counts such tenants on its roster as Coastal Credit, Yardi Systems and Vericare. JLL arranged the transaction on behalf of both MIG and the unnamed seller; terms were not disclosed.
In Carlsbad, CBRE Group Inc. arranged the sale of Pacific View Plaza. The 51,825-square-foot building traded hands for $13 million from San Diego-based Cruzan to Peregrine Realty Partners. Located at 5973 Avenida Encinas, the property underwent a series of improvements during Cruzan’s year-and-a-half-long ownership.
And in Mission Valley, Shopoff Realty Investments acquired 2650 Camino Del Rio from Terra Enterprise in a deal worth $11.1 million. Built in 1983, the property will be renovated and repositioned by the new owner.
Image courtesy of parallelcapitalpartners.com