Carlsbad CA— CBRE announced Davlyn Investments, Inc. has sold a couple of office properties in San Diego County, totaling $44.4 million to two local private investors.
Louay Alsadek and Hunter Rowe of CBRE represented the seller, Davlyn Investments, in both transactions.
Paseo Summit, a 74,827-square foot, two-building office park, located at 6183 and 6185 Paseo Del Norte in Carlsbad, CA, was 96 percent leased at the time of sale. The buyer Next Med III Owner, LLC, a local private investor, bought the property for $23 million and was represented by Ben Tashakorian and Scott Hilmen of Marcus & Millichap.
The Bluffs is a 68,708- square foot office building, located in Rancho Bernardo at 16870 West Bernardo Drive. The property is situated on 3.38 acres and was 98.4 percent leased at the time of the sale. The private local buyer, Navarra Properties, Broadway, L.P., purchased the property for $21.4 million and was represented by Mark McEwen and David Harper of Colliers International.
“The disposition of Paseo Summit and The Bluffs allowed us to capitalize on the strong office market in Carlsbad and Rancho Bernardo, coupled with robust occupancy of both properties,” said John Hale, vice president of Davlyn Investments.
Added Alsadek, “San Diego has strong office market fundamentals and demand for high-quality office properties continues to command considerable investor interest.”
Davlyn Investments is a San Diego-based owner/operator of apartment communities and office buildings throughout California. Since its founding, the firm has acquired more than $1.2 billion in real estate assets. The company is headed by Jon Williams and Paul Kerr.