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6/21/18
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Harbor Associates LLC and Ascentris have teamed up in a San Diego-area office buy. The venture has acquired The Pinnacle, a 110.1k sf, five-story Class A building located at 10920 Via Frontera, in the north San Diego submarket of Rancho Bernardo.
The Pinnacle represents Harbor’s third office acquisition in San Diego, following the acquisition of The Bungalows at Del Mar in May 2018. The price was not disclosed.
Located just 25 miles north of downtown San Diego, Rancho Bernardo is currently experiencing significant tenant demand due in large part to its access, affordability and concentration of technology, engineering and defense companies located in the submarket. Completed in 2007 and currently 93% leased, The Pinnacle is the submarket’s newest office building and is the only property able to offer tenants subterranean parking.
Harbor and Ascentris will execute a capital improvement plan to enhance the tenant experience, including creating new outdoor covered seating and collaborative workspace with canyon views, modernizing the bike storage and locker room area, and refreshing the ground floor lobby.
Justin Loiacono, Principal for Harbor, noted, “Pinnacle represents our thirteenth value-add office acquisition in the last three years in Southern California and third in the San Diego market. We have a robust pipeline of activity behind this transaction and look forward to further building out our Southern California portfolio”.
Lynn LaChapelle and Bob Prendergast with JLL represented the seller. Jay Alexander and Tim Olson with JLL will continue to handle leasing for new ownership, while Davis Partners will provide property management services.
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