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6/30/20
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A 13.7k sf office building in San Diego’s Sorrento Mesa area traded for $3.15 mil, or $230/sf. The property is located at 9565 Waples St, with access to the 5 and 805 freeways.
The property was purchased by Renda Law Offices, P.C., headed by Vincent Renda, who purchased the building for its San Diego-based bankruptcy firm. Renda was looking to relocate his previous San Diego office location in response to expansion plans as well as for convenience for him and his associates.
Brandon Keith, Kipp Gstettenbauer and Ryan King of Voit Real Estate Services represented the seller, 9565 Waples Investment Group LLC, in the transaction.
“With the Small Business Administration (SBA) offering record low loan rates, Renda is a great example of a business taking advantage of the current, attractive financing, including a loan payment grace period for all businesses with SBA financing,” stated Keith.
According to King, “While some segments of the user market have slowed, like retail for example, we’re seeing improved demand from office, life science, R&D and industrial business owners. We anticipate that this demand coupled with the widely available SBA and even conventional financing rates at or near historic lows, will propel a steady market during these unconventional times.”
“We expect buyer demand to continue building as lease expirations approach and economic activity begins to normalize over the next 3-6 months,” commented Gstettenbauer.
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