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1/18/17
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A 92.5k sf office building in San Diego sold for $30.1 mil, or $326/sf. The building, located at 9797 Aero Dr, just west of I-15 in the city’s Kearny Mesa submarket, was purchased by AVID Center.
The property was sold by Bixby Land Company, who had recently completed a $5 mil repositioning of the property that transformed the building to meet the contemporary work environment needs of today’s progressive companies. The redevelopment plan included the full renovation of the single-tenant facility, plus the addition of approximately 20k sf of leasable area.
Designed by Gensler & Associates, the improvements included upgrading the east elevation with new window glazing and red rectangular framing elements. Custom overhead doors open up the building to the outdoor areas, a feature that has been well received by tenants in several Bixby projects throughout California.
Amenities include the signature Bixby Retreat™, an energetic outdoor gathering area, a fitness center with showers, bicycle storage, a lobby lounge area, and garage parking. Tenant spaces feature polished concrete floors, exposed ceilings and open floor plans to accommodate flexible and creative interior designs.
The project is currently leased to Berkley Insurance and Vital Decisions, and will be almost fully leased when AVID Center, a San Diego-based college readiness system designed to increase schoolwide learning and performance, takes occupancy of the majority of the remaining vacant space. The buyer was represented by John Jarvis with Hughes Marino, while Bixby was repped by Derek Hulse of Cushman & Wakefield.
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