Per-square-foot price of $211 among highest in the region
Vista CA— CBRE Group, Inc. announced the sale of, Paseo Palomar, a low-rise office project in Vista, California to a private investor for approximately $12.8 million. This transaction represents one of the highest per-square-foot prices in the area for a large Class A multi-tenant office building.
“In addition to finding a 1031-exchange buyer who paid a premium for our property, CBRE was integral in pushing the transaction along,” said Rialto Capital’s Ryan Schierbel. “The team was hands on and did a phenomenal job in coming up with creative solutions which resulted in a beneficial transaction for all parties. Thanks CBRE for all of your efforts!”
The building, located 3220 Executive Ridge, is approximately 60,649 square feet and is currently 100 percent leased to tenants, including Jaguar Mobile Inc., Chandler Signs, and 101domain.com. The property is less than two miles from Bressi Ranch Village Center, one of the area’s premier shopping destinations.
The San Diego office market was slower in the first quarter compared with a very strong 2016; however, fundamentals remained solid. Sizeable deal activity is on track with the previous year. During the first three months of the year, there were ten new deals of 20,000 square feet or greater compared with nine new deals in the first quarter of 2016. Net absorption in Q1 was moderate at a positive 191,889 square feet, driven by large deals in Rancho Bernardo and Kearny Mesa.