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San Diego Area Office Portfolio Sold in Two Transactions Totaling $20 Mil

3/10/17

NY-based HighBrook Investors has collected $20 mil from the sale of a multi-asset portfolio in San Diego. The properties, Torrey Hills Corporate Center in the Del Mar Heights submarket and the Scripps Collection located in the prestigious Scripps Ranch submarket, were sold in separate transactions.

Torrey Hills Corporate Center, a 23.6k sf, multi-tenant office project developed in 1998, was purchased by Retail Opportunity Investments Corp for $9.85 mil, or $417/sf. Torrey Hills Corporate Center is located on more than three acres at 11250 El Camino Real.

Approximately two thirds vacant at the time of sale, the property benefits from a quality tenant mix. The property is prominently located north of the I-5/805 merge and enjoys superior ingress and egress to the region’s most widely traveled freeway systems.

The Scripps Collection is a 100% leased, multi-tenant office project totaling 47.3k sf. The project was acquired by the Kashani family for $10 mil, or $211/sf.

Situated on 3.68 acres, Scripps Collection consists of two buildings located at 9775 Businesspark Ave and 10021 Willow Creek Rd that were separately developed in the mid-late 1980s. Set approximately one block south of Carroll Canyon Rd, the property offers easy access to I-15 and is proximate to more than 1 msf of amenities, including restaurants, banks, general retail and fitness.

Cushman & Wakefield San Diego’s Peter Curry, Duncan Dodd, SIOR, Brad Tecca and Rick Reeder represented both sides in both transactions.

“The portfolio consists of two well-appointed multi-tenant office projects located approximately seven miles apart in highly desirable commercial neighborhoods of San Diego,” said Tecca. “Both projects generate strong in-place cash flow and are located in areas where rents remain on the upswing. Furthermore, each is in submarkets that pose significant barriers to entry.”

Dodd said, “Prior ownership spent a significant amount of capital to upgrade the interior and exterior of the Scripps Collection, including achieving LEED Silver Certification at the 10021 Willow Creek building. These improvements have led to the retaining of existing tenants and attracting recent new tenants





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