The Price was $465 Per Square Foot
San Diego CA— CBRE announced the sale of a creative office building in San Diego’s submarket of Sorrento Mesa, CA, for $9.25 million, which is $465 per square foot.
CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo, and Doug Mack represented Dayani Partners, the seller in the transaction. The buyer was a high net worth individual from Los Angeles in a 1031 exchange.
The property is located 5670 Oberlin Drive and is 100 percent leased to EXP US Services, one of the largest engineering and architecture firms in the world. The 19,894-square-foot building, situated on 1.93 acres, was renovated in 2004 with modern creative office improvements and is LEED Gold certified by the U.S. Green Building Council. The building has a large solar system on the roof which collects income from San Diego Gas and Electric.
“This was a great opportunity for a passive San Diego investment, leased on a long-term basis to an international, quality tenant in one of San Diego’s most attractive office submarkets,” said Pourcho.
Situated in the desirable western location of Sorrento Mesa, the property is within walking distance to several large retail centers. With the completion of I-805 HOV/ Carroll Canyon Road Extension Project, proximity and ease of accessibility to the freeway is only a half of a mile.
The San Diego office market improved in Q2 2018 from previous quarters as absorption surpassed 500,000 sq. ft. and vacancy dropped to a post-recession low of 10.6 percent, according to CBRE research. Sorrento Mesa is an attractive office market, specifically on Oberlin Drive, where there have been more office buildings converted to creative office on this street than any other location in San Diego County.