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10/09/17
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The Courtyard I, a 50.4k sf office building located in San Diego’s Sorrento Mesa submarket has sold for $9.16 mil, or $182/sf. The multi-tenant property was purchased by Encinitas-based Plaza Del Norte Inc.
Located at 6480 Weathers Place, the three-story garden-atrium office building is situated on over two acres and is ideally positioned in the heart of the Sorrento Mesa submarket, a premier technology hub in Central San Diego. It was sold by Irvine-based Courtyard Mira Mesa LLC.
Built in 1989, the property features a high-image brick and glass façade with excellent exposure to Mira Mesa Blvd, the major artery in Sorrento Mesa. Abundant amenities including retail, restaurants, hotels and banks are also located within walking distance. Further adding to its tenancy appeal, Courtyard I is also conveniently accessible to a large, well-educated workforce in the surrounding communities.
The purchase was the buyer’s upleg as part of a 1031 Exchange. The property was 68% leased at the time of sale to a dynamic collection of tenants.
Mark Avilla, Bill Cavanaugh and Mike Novkov of Cushman & Wakefield represented the seller. Peter Curry and Brooks Campbell, also with C&W, repped the buyer. The new owner also retained Cavanaugh and Novkov for continued leasing services for the property.
“This was an attractive investment for the buyer, and with approximately one-third of the building’s tenancy rolling in the next two years, may present the opportunity to increase rents and occupancy by repositioning the asset and taking advantage of the desirability of the superior location in Sorrento Mesa,” noted Avilla. “San Diego continues to rank among the top real estate markets in the country.”
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