San Diego CA— CBRE announced that a Limited Partnership controlled by the principals of Newport Beach, Calif.-based real estate firm Peregrine Realty Partners has purchased The Promontory, a Class A multi-tenant office building in the Rancho Bernardo community of San Diego, for $33 million.
CBRE’s Louay Alsadek, Hunter Rowe and Maddie Mawby represented the buyer in the transaction. The seller, local real estate development firm Carleton Management, was represented by Randy LaChance of Voit Real Estate Services and was assisted by Chris Williams of CBRE. Mr. Williams will continue to handle leasing duties on behalf of Peregrine.
Located 11440 West Bernardo Court, the 98,249 square-foot, three-story atrium designed building was originally constructed by the Sellers in 1989. Amenities include common area conference rooms, fitness center, showers and lockers and numerous outdoor seating areas. The Promontory was 97 percent leased at the time of sale to a diversified mix of tenants and is within one half-mile of I-15, connecting Rancho Bernardo to the rest of San Diego County.
“The Promontory is a very strong asset in one of San Diego’s most desirable submarkets,” said Mr. Alsadek. “The building’s hilltop location provides tenants with panoramic views of beautiful North County.”
He added, “We have a great relationship with Peregrine and this project was an excellent fit and in alignment with the firm’s investment strategy.”