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9/21/13
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Kilroy Realty Corporation has purchased The Heights at Del Mar, a 219k sf office park, for $126.35 mil ($577/sf). The campus was sold by Prudential Real Estate. We’re told the acquisition represents the largest sale transaction within the Del Mar Heights submarket since 2007.
The Heights at Del Mar is a Class A campus located at 12770 - 12790 El Camino Real, in the epicenter of Del Mar Heights, one of the most sought-after suburban real estate markets on the West Coast. The project encompasses a Class A multi-tenant office building, a state-of-the-art life science building and an entitled 4.2-acre parcel of land that can accommodate a 90k sf office or life science facility.
The Heights at Del Mar is anchored by Neurocrine Biosciencese and Knobbe Martens Olson & Bear, the nation’s third largest intellectual property law firm. Both of these firms have long-term commitments in place and combined occupy 94 percent of the campus. Additional tenants are Allen Group Architects, Southwest Value Partners and Backplane.
Rick Reeder and Brad Tecca of Cassidy Turley represented both the buyer and the seller in the transaction.
“This campus is uniquely positioned with fully leased status to a premier roster of credit tenants and the ability to deliver a new building to the Del Mar Heights submarket, where large blocks of contiguous space are in high demand,” said Reeder, Managing Director with Cassidy Turley. “As the local, regional and U.S. economies continue to improve, we expect to see further increases in tenant demand leading to a reduction in overall vacancy. This, coupled with the fact that the next phase of new speculative development in Del Mar Heights is not expected for at least another three or four years, gives KRC a strategic window of opportunity to meet this expected demand.”
The Heights at Del Mar sits on 13.81 acres and offers numerous on-site amenities including a fitness center, outdoor basketball court, walking trails, and an outdoor amphitheater with seating for 600 people. The campus offers prominent visibility adjacent to the Interstate 5 Corridor, which provides easy access to central San Diego and Orange County.
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