San Diego CA— CBRE has announced a $35.3 million loan for the refinancing of Plaza Del Mar, an office property in the Del Mar Heights submarket of North County San Diego.
Mark McGovern, Scott Peterson, Brian Cruz and Colby Matzke of CBRE’s debt and structured finance team in San Diego arranged the loan on behalf of the owner of the property, Cruzan, a local real estate investment and development firm that purchased the asset in 2012.
Located 12520 and 12526 High Bluff Drive, the two-building, 117,500 square-foot property was originally constructed in 1987. Cruzan has invested $9.2 million in creative and traditional office buildouts, providing tenants with first class amenities including a fitness center and yoga room, resort-style restrooms, shower and locker facilities and extensive landscaping and hardscape renovations. Plaza Del Mar is 80 percent leased to approximately 27 tenants, with several leases signed in 2020.
The property is adjacent to I-5, connecting the area to the rest of San Diego County. Plaza Del Mar is a 10-minute walk to One Paseo, a new mixed-use development featuring numerous dining, retail and entertainment options.
“Cruzan has designed the tenant spaces to provide both traditional and creative office, and has complemented this with improved common áreas, a conference center and fitness amenities. That, along with its very desirable suburban location, will allow it to compete very effectively during the recovery,” said Mr. McGovern.