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October 22, 2017
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CPI Apartment Fund LLC Picks Up 102k sf Office Asset in Vista

7/31/17

CPI Apartment Fund LLC has purchased Melrose Law Center, a 102.3k sf office property in Vista, for $9.85 mil ($96/sf). The property, which was sold by Vista-based Harmatz Investment Corporation, was 56% leased by professional office tenants at the time of sale.

Located at 380, 400 and 410 South Melrose Dr, Melrose Law Center consists of three multi-story, multi-tenant office buildings situated in one of North San Diego County’s premiere business locations. The property offers tenants a wide selection of amenities and retail, personal services and popular eateries all within walking distance plus unparalleled access to Hwy 78.

Mark Avilla of Cushman & Wakefield and Tim Clepper of San Diego Commercial represented the seller in the deal. Richard Liebert and Matt Zimsky of Colliers International repped the buyer, which operates under the name Coseo Properties Inc, a privately held San Diego based real estate investment and development company. Avilla, along with colleagues Matty Sundberg and Bob Cowan of Cushman & Wakefield, have also been retained by the new owner, CPI, for leasing services.

“This was an attractive three-building investment property with an irreplaceable location along Highway 78 and positioned across the street from the North County Courthouse,” noted Avilla. “It is a fantastic opportunity for CPI to reposition—through significant capital investment and other means— this multi-tenant office project situated within a market with little quality office product creating a void with untapped potential.”

Prior to sale, Cushman & Wakefield also assisted in securing a 14k sf lease to Small Offices4Rent, a full service executive operator offering smaller, shorter term, flexible lease options for users from 100 to 500 sf.







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