San Diego CA— CBRE announced the sale of an office and retail portfolio, Rancho Santa Fe Professional Center, in Rancho Santa Fe, Calif. to local real estate firm Gildred Development Company for $19.5 million or $1,045 per-square-foot.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Gary Stache and Bryan Johnson represented the seller, Huntington Hotel Company, in the transaction. The buyer was represented by Joe Bernstein and Joe Anderson of JLL.
Located 6002-6 El Tordo, 5951 La Sendita and 17008 Avenida De Acacias, the five-building property is comprised of four office/medical buildings and one retail building. The 18,663 square-foot property was built in phases from 1975 to 1990. Two of the buildings have been 100 percent leased since the project was originally constructed and the other two buildings have averaged 99 percent occupancy.
Rancho Santa Fe Professional Center sits at the corner of the most prominent entrance to Downtown Rancho Santa Fe and includes a parking lot, partially subterranean, providing the largest parking ratio in Downtown Rancho Santa Fe.
“Rancho Santa Fe Professional Center provided a once-in-a-generation investment opportunity to acquire prime assets in prestigious Rancho Santa Fe,” said Mr. Pourcho. “This asset is the best among Rancho Santa Fe’s limited inventory of commercial assets. The submarket has high barriers to entry and low vacancy.”