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11/14/22
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A 94.6k sf, newly renovated office building in San Diego's Mission Valley area was acquired by Bitwise at State Center, an out-of-town 1031 exchange buyer. The property is located at 3838 Camino Del Rio North, in the northwest quadrant at the confluence of I-15 and I-8. It is near San Diego State University's Mission Valley campus and Snapdragon Stadium.
The three-story property is situated on 5.81-acres and consists of over 30 office suites ranging in size from 550 sf to 13k sf, 337 underground parking spots and a two-story atrium lobby. The building was built in 1981 and is currently at 92% occupancy.
Matt Pourcho and Anthony DeLorenzo of CBRE's Private Capital Partners, as well as Louay Alsadek from Colliers, represented the seller, Camino DRN Owner LLC, in the transaction.
"We witnessed significant demand from the 1031 private capital buyer pool and ultimately sold to a non-local 1031 private buyer," said CBRE's Pourcho. "Despite rising interest rates, the office sector offers tremendous positive leverage not seen in other product types.”
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