|Harbor Associates Closes $5 Mil San Diego Office Buy|
|Harbor Associates LLC has acquired 5280 Carroll Canyon Road, a 32k sf office building located in the Sorrento Mesa submarket of San Diego, for $5 mil ($156/sf). Harbor purchased the project ‘all-cash’ in less than 25 days.
The transaction includes a partial leaseback with an A+ credit tenant who will occupy the first and second floors. Matt Pourcho, Melissa Scofield, and Dick Balestri of CBRE represented the seller in the deal.
Harbor is developing plans for an extensive renovation with the project architect, LPA Inc, which will include a new building lobby and entry, modern paint scheme, comprehensive signage program, and drought tolerant landscaping. Harbor is planning to convert the vacant third floor from a traditional, dropped-ceiling office setting into a more progressive environment that will be opened up to expose the panoramic views of the surrounding canyons.
5280 Carroll Canyon is located west of Pacific Heights Blvd and just south of Mira Mesa Blvd. It is situated within one mile of I-805 and benefits from the newly constructed direct access freeway ramps onto Carroll Canyon Rd.
The buy for Harbor represents the firm’s second acquisition in the last seven days, coming on the heels of Harbor’s creative office purchase of 14201 Franklin Ave in Tustin, as reported on RENTV at the time.
Paul Miszkowicz, Principal for Harbor, adds, “We saw value in this asset and moved quickly by closing all cash in 25 days. We like the San Diego office market and in particular the Sorrento Mesa submarket and are pursuing similar value-add opportunities in high demand Southern California submarkets in order to meet our acquisition goal of $250 mil by year-end 2016”.
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