Building Sold to Creative Office Developer for $10.4Million
San Diego CA— CBRE announced that San Diego-based Mission Federal Credit Union sold the former headquarters for Mission Federal Credit Union in San Diego, Calif. to Alvarez & Marsal Capital Real Estate, a prominent creative office developer in Southern California, for $10.4 million.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack represented both the seller and buyer.
Located 5785 Oberlin Drive in the Sorrento Mesa submarket of San Diego, the 61,406 square-foot property was originally built in 1985. The office building features a bright entry lobby, extensive glass line with hillside views and is within walking distance to numerous retail amenities. The three-story property also includes large and open floor plates that promote a highly versatile space configuration, allowing for the conversion to creative office space that has become prominent in the Sorrento Mesa submarket, specifically on Oberlin Drive.
The building sits just south of Mira Mesa Boulevard, a prominent east-west thoroughfare in Central San Diego. The property is within one mile of the I-805 freeway, which merges with the I-5 freeway approximately two miles northwest of the site. The property’s three-mile radius is supported by 7,432 businesses and a 142,908-employee base, an adult population that is nearly 70 percent college-educated and an average household income of $113,569. CBRE Econometric Advisors forecast a 16.7 percent rent growth for Sorrento Mesa over the next five years.
“This property is a very unique reposition opportunity for Alvarez & Marsal and given the creative office demand we see in Sorrento Mesa, they are in a great position to be successful,” said Pourcho.