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March 23, 2018
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Oceanside Office Property Purchased for $15 Mil


Pacific Gateway Towers, a 68.7k sf, two-building Class A office and medical project in Oceanside, was purchased for $14.94 mil ($217/sf) by Charlie Jadallah, a private investor. The property, consisting of two four-story, multi-tenant buildings on 5.16 acres, is located at 3142 and 3156 Vista Way in San Diego’s desirable North County.

The asset was sold by IPF Tri City LLC (Fenway Properties, LLC), who acquired the project in 2014 at approximately 57% leased as a value-add opportunity. IPF Tri City made significant renovations to the property in 2015/2016 to reposition it, and then brought it to approximately 95% leased at the time of this sale.

Mark Avilla, Rick Reeder and Brad Tecca of Cushman & Wakefield’s San Diego office represented the seller. The buyer was repped by Nick Totah of Marcus & Millichap. Matty Sundberg and Bob Cowan of Cushman & Wakefield also performed market advisory services in the deal, which closed at a 7.37% cap rate.

Avilla, Sundberg and Cowan had also represented both the buyer and the seller in the 2014 transaction and the team also handled the successful lease up following the sale. According to Fenway Properties’ Larry Jackel, the firm’s creative and innovative re-branding campaign enabled them to not only fill up the project’s vacancies, but they were also able to push rents by approximately 50% during this period.

“Just a few years ago this project was very appealing as an investment given its desirable location, but it was dated with its original 1980s-style design and deferred maintenance,” noted Avilla. “As such, the project was competing with lesser-classed buildings due to the condition of the project, so in 2014 the new ownership undertook a major renovation of the project, which included interior and exterior upgrades to the common areas and renovation of suites to shell condition or as spec suites.

Prominently located within the seaside community’s amenity-rich area of Oceanside, Pacific Gateway Towers also benefits from excellent proximity to Hwy 78 and I-5, executive residential communities and a wealth of restaurants, retailers, entertainment, hotels and resorts, together creating an unmatched environment in which to live, work and play.

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