San Diego CA— The prominent Gateway at Torrey Hills office complex in San Diego has sold to Orange County-based Irvine Company for $105 million. The Class A asset consists of two 4-story, multi-tenant office buildings totaling 197,862 square feet located 3570 and 3580 Carmel Mountain Rd. in the county’s highly attractive Del Mar Heights community.
Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets group based in San Diego handled negotiations on behalf of the Seller, an institutional real estate investor. In addition, leasing specialists Brian Starck and Joe Anderson of the same office performed market advisory services.
“This offering represented one of Southern California’s finest investment opportunities,” said Mr. Reeder, Executive Managing Director. “Gateway at Torrey Hills is a beautifully designed, trophy office campus strategically located in Del Mar Heights, one of San Diego County’s most desirable submarkets that offers top tier office space. The complex was approximately 80% leased to a dynamic tenant roster that offered the ideal balance of secure income and potential upside with a clear path to stabilization.”
Mr. Tecca, Executive Director, added, “The opportunity to acquire a best in class office project like Gateway at Torrey Hills in what is universally considered one of Southern California’s most sought after locations is extremely rare. The Irvine Company will benefit not only from the irreplaceable location but also from quality of construction and attention to detail implemented when the project was developed in 2008.”
Situated atop a hill at the intersection of Interstate 5 and Carmel Mountain Rd., Gateway at Torrey Hills features a scenic backdrop of the Pacific Ocean and Torrey Pines State Reserve. Tenants are provided enjoyable views, as well as highway visibility. One of the key highlights of the complex is that convenient 4 per 1,000 parking is provided in the adjacent three level parking structure in which 95% of the spaces offered are covered. The project features numerous onsite amenities including an onsite gym and locker facility, onsite food service and abundant outdoor areas for large functions and individual tenant enjoyment.
Mr. Tecca noted, “Multiple patios and outdoor gathering areas offered by Gateway at Torrey Hills allow tenants to really embrace the idyllic Southern California climate. From an investment perspective, this gives the property added appeal as it provides the new ownership with a variety of options to further enhance outdoor common areas, attracting and retaining top talent in a region that enjoys the Southern California outdoor lifestyle.”
Gateway at Torrey Hills was built in 2008 and is home to a number of well-known companies from various industries.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.