Sale to 1031 Exchange Buyer for $6.65 Million or $493 per square-foot
Oceanside CA— CBRE announced the sale of an single-tenant office building in Oceanside, Calif. to an Orange County-based, 1031 private buyer for $6.65 million or $493 per square-foot.
Located at 2160 South El Camino Real, the 13,500 square-foot property is 100 percent leased to the U.S. Federal Government with a new 15-year lease signed in 2018. The property was built-to-suit in 2004 for the Social Security Administration and was fully remodeled and upgraded in 2018 to current U.S General Services Administration (GSA) standards. The upgrades included a new roof, HVAC system and solar system.
The property is located within two miles of both I-5 and SR 78, two major freeways that connect Oceanside to the rest of San Diego County. The building is two miles from North County’s largest and busiest commercial park, Ocean Ranch Business Park.
“This is an extremely stable asset, largely due to the United States government guaranteeing the lease through 2032,” said Pourcho. “This facility has recently been improved with over $3.4 million in tenant improvements.”
Current vacancy rate for single tenant office buildings between 7,500 and 20,000 square-feet in Oceanside is 1.8 percent. Rent growth in the Oceanside office market has been 4.1 percent annually over the past five years.