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1/31/18
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Irvine Company has acquired Gateway at Torrey Hills, a two-building, 197.9k sf office complex in Del Mar Heights, for $105 mil ($530/sf). The Class A asset, consisting of four-story, multi-tenant office buildings at 3570 and 3580 Carmel Mountain Rd, were sold by an institutional real estate investor.
Built in 2008, Gateway at Torrey Hills is situated atop a hill at the intersection of I-5 and Carmel Mountain Rd. The complex features a scenic backdrop of the Pacific Ocean and Torrey Pines State Reserve.
Tenants are provided enjoyable views, as well as highway visibility. One of the key highlights of the complex is that convenient 4 per 1,000 parking is provided in the adjacent three level parking structure in which 95% of the spaces offered are covered. The project features numerous onsite amenities including an onsite gym and locker facility, onsite food service and abundant outdoor areas for large functions and individual tenant enjoyment.
Rick Reeder and Brad Tecca of Cushman & Wakefield represented the in the transaction. In addition, Brian Starck and Joe Anderson, also with C&W, performed market advisory services.
“This offering represented one of Southern California’s finest investment opportunities,” said Reeder. “Gateway at Torrey Hills is a beautifully designed, trophy office campus strategically located in Del Mar Heights, one of San Diego County’s most desirable submarkets that offers top tier office space. The complex was approximately 80% leased to a dynamic tenant roster that offered the ideal balance of secure income and potential upside with a clear path to stabilization.”
Tecca added, “Multiple patios and outdoor gathering areas offered by Gateway at Torrey Hills allow tenants to really embrace the idyllic Southern California climate. From an investment perspective, this gives the property added appeal as it provides the new ownership with a variety of options to further enhance outdoor common areas, attracting and retaining top talent in a region that enjoys the Southern California outdoor lifestyle.”
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