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4/04/19
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San Diego-based Fenway Capital Advisors and Waterfall Asset Management acquired Four Points Business Park, a 124.5k sf business park in San Diego’s Kearny Mesa area, for $28.2 mil ($227/sf). The asset ws sold by Brookwood Financial Partners LLC.
Located at 5575, 5625 and 5675 Ruffin Rd, the campus was 92% leased at the time of sale. The property consists of three free-standing buildings, with floor plates designed to accommodate various tenant layouts and 590 on-site parking spaces.
Brookwood acquired the property in 2013 and completed various capital improvements. Four Points Business Park’s tenant roster is comprised of approximately 75% office users, with the balance being medical tenants.
CBRE’s Louay Alsadek and Hunter Rowe represented the seller in the transaction. Fenway Capital Advisors and Waterfall Asset Management repped themselves.
“The quality of the property, combined with its excellent visibility and freeway access attracted the investment community to aggressively pursue the asset and drove the competitive bidding process,” Alsadek said. “Kearny Mesa’s historically low vacancy rate and positive investor sentiment are a testament to the strong fundamentals and desirability of the submarket.”
Fenway Capital Advisors Managing Partner Larry Jackel added, “Four Points Business Park was an excellent fit for our acquisition criteria and complements our San Diego office portfolio. We plan to complete significant capital improvements and elevate the asset in the Kearny Mesa marketplace.”
Kearny Mesa is the only major San Diego office submarket that has averaged single-digit direct vacancy since 2015, which now stands at 7.2%, according to CBRE research. CBRE Econometric Advisors forecasts that the Kearny Mesa office submarket is poised to achieve the greatest rent growth across the county, estimated at 16% over the next three years.
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