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June 15, 2024
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Cruzan Secures $35 Mil Refi on Del Mar Heights Office Asset


Cruzan has refinanced Plaza Del Mar, a two-building, 117.5k sf office property in the Del Mar Heights submarket of North County San Diego. The new $35.3 mil loan was arranged by Mark McGovern, Scott Peterson, Brian Cruz and Colby Matzke of CBREs debt and structured finance team.

Cruzan purchased the asset in 2012. Located at 12520 and 12526 High Bluff Drive, the two-building property was originally constructed in 1987.

Cruzan has invested $9.2 mil in creative and traditional office buildouts, providing tenants with first class amenities including a fitness center and yoga room, resort-style restrooms, shower and locker facilities and extensive landscaping and hardscape renovations. Plaza Del Mar is 80% leased to approximately 27 tenants, with several leases signed in 2020.

The property is adjacent to I-5, connecting the area to the rest of San Diego County. Plaza Del Mar is a 10-minute walk to One Paseo, a new mixed-use development featuring numerous dining, retail and entertainment options.

Tenants at the building include a RENTV sponsor - Premier Workspaces.

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