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2/07/23
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A 1031 exchange investor paid $6.04 mil for a 23.5k sf ($257/sf) office building in San Diego's Scripps Ranch submarket of Scripps Ranch. The building is located at 10200 Willow Creek, east of I-15 and north of Pomerado Rd.
Built in 1980, the one-story property is situated on 2.22 acres. The property has 92 parking spaces and is currently fully leased. Just minutes east of Interstate 5, the building is located at the Willow Creek and Appaloosa Roads junction.
Matt Pourcho, Jeb Bakke, Anthony DeLorenzo, Matt Harris and Nick Williams of CBRE's Private Capital Partners represented the seller, Epsten Grinnell & Howell, APC, in the transaction. The buyer was self-represented.
"Scripps Ranch used to be a 'sleeper' submarket, but now is seeing massive life science developments and significant office tenant demand because of the office-to-lab conversions in Sorrento Mesa," said Pourcho. "Additionally, the local area is fueled by the remaining significant residential developments, 3Roots and StoneCreek."
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