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6/03/16
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A partnership of New York-based HighBrook Investors and San Diego-based Cypress Office Properties has purchased a 95k sf, three-building office campus in San Diego’s Mission Valley submarket. The multi-tenant campus is situated on a 4.27-acre site at 3530, 3550 and 3570 Camino del Rio North, west of I-15 and just north of I-8.
The campus, formerly known as Fountain View Business Park, will undergo an extensive modernization of the project’s exterior and interior common areas. One of the special features of the campus is a large interior courtyard, which helps create a central gathering place and an appealing work environment for tenants and guests. The property includes a separate amenity building housing two racquetball courts and showers and lockers.
Approximately 85% leased at the time of sale, the tenant roster is composed of a strong mix of professional services firms, defense-related companies, technology companies, and non-profit organizations. The property is positioned near several major retail, dining, shopping, entertainment venues and public transportation services.
Derek Hulse of Cushman & Wakefield represented the seller in the transaction. Accoridng to Hulse, with roughly 50 percent of the in-place rents currently below market, the property represented an excellent value-add office campus opportunity in the heart of Mission Valley, one of the most vibrant and diverse submarkets in the region.
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