Vista CA— Cushman & Wakefield announced today that the 102,307 square foot (sf) Melrose Law Center in Vista (San Diego), California, has sold for $9.85 million. The buyer was CPI Apartment Fund, LLC dba Coseo Properties, Inc. (CPI), a privately held San Diego based real estate investment and development company. The seller was Harmatz Investment Corporation based in Vista.
Mark Avilla of Cushman & Wakefield and Tim Clepper of San Diego Commercial represented the seller with Richard Liebert and Matt Zimsky of Colliers International representing the buyer. Mr. Avilla along with colleagues Matty Sundberg and Bob Cowan of Cushman & Wakefield have also been retained by the new owner, CPI, for leasing services.
Mr. Avilla, a Senior Director, said, “This was an attractive three-building investment property with an irreplaceable location along Highway 78 and positioned across the street from the North County Courthouse. It is a fantastic opportunity for CPI to reposition—through significant capital investment and other means— this multi-tenant office project situated within a market with little quality office product creating a void with untapped potential.”
Located at 380, 400 and 410 South Melrose Dr., Melrose Law Center consists of three multi-story, multi-tenant office buildings situated in one of North San Diego County’s premiere business locations. The property offers tenants a wide selection of amenities and retail, personal services and popular eateries all within walking distance plus unparalleled access to Highway 78.
Prior to sale, Cushman & Wakefield also assisted in securing a 14,035 sf lease to Small Offices4Rent, a full service executive operator offering smaller, shorter term, flexible lease options for users from 100 to 500 sf.
“Melrose Law Center, which was approximately 56% leased at the time of sale, will continue to cater to professional office tenants,” noted Mr. Avilla.
Mr. Avilla is a member of Cushman & Wakefield’s Private Client Investment Advisors team based in San Diego. With more than 80 years of combined experience and a 10 year-history of closing 260 sale transactions totaling more than 6.1 million square feet and $1.50 billion in sales volume, the team specializes in investment sales under $20 million located in Southern California with an emphasis on leveraging its full service brokerage strength to help maximize asset values.