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June 27, 2017
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Vista Office Asset Trades for $12.8 Mil

4/19/17

In a recent San Diego-area office trade, an unnamed buyer paid $12.8 mil for Paseo Palomar, a low-rise, 60.6k sf ($211/sf) office project in Vista. Were told this transaction represents one of the highest per-square-foot prices in the area for a large Class A multi-tenant office building.

The building, located at 3220 Executive Ridge, is currently 100% leased to tenants, including Jaguar Mobile Inc, Chandler Signs and 101domain.com. The property is less than two miles from Bressi Ranch Village Center, one of the areas premier shopping destinations.

CBREs Gary Stache, Anthony DeLorenzo, Matt Pourcho and Doug Mack represented the seller, Rialto Capital/Birtcher Anderson Realty.

The San Diego office market was slower in the first quarter compared with a very strong 2016; however, fundamentals remained solid, according to CBRE. Sizeable deal activity is on track with the previous year. During the first three months of the year, there were ten new deals of 20k sf or greater compared with nine new deals in the first quarter of 2016. Net absorption in Q1 was moderate at a positive 191.9k sf, driven by large deals in Rancho Bernardo and Kearny Mesa.






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