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February 25, 2024
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Private Investors Trade Office Building in San Diegoís Sorrento Mesa Area for $5.25 Mil


A 17.2k sf office building in San Diegoís Sorrento Mesa submarket traded to a local private investor for $5.25 mil, or $305/sf. Built in 1982, the property is located at 5752 Oberlin Drive.

The two-story office building sits on .95 acres. Previous ownership improved the buildingís interior, and the exterior features wood-framed walls, glass doors and windows. The building features a mansard-style roof, reinforced concrete foundation and roof-mounted HVAC units. The property includes 49 asphalt-paved parking spaces and standard landscaping.

Situated in Sorrento Mesa off Mira Mesa Blvd, 5752 Oberlin is a quarter mile from I-805, near the I-5/I-805 convergence and approximately 15 minutes from every major freeway. The building is in middle of San Diegoís fastest-growing hub for tech and life sciences companies, according to CBRE. In the past few years, Sorrento Mesa has recorded significant growth and Oberlin Drive has been home to the marketís life sciences conversions and repositions.

CBREís Matt Pourcho, Anthony DeLorenzo, Matt Harris and Scott Kincaid represented the seller, a San Diego-based private investor. The buyer was repped by CBREís Ted Jacobs, Hunter Rowe and Matt Carlson.

Central San Diego continues to be the preferred location for office tenants in the market, aligning with national trends of suburban office submarkets recovering faster than downtowns, according to CBRE Research. In the second quarter of 2022, Central San Diego recorded a 100-basis point decrease in office vacancy to 10.4%, 242.2k sf of positive net absorption, and asking lease rates at $3.37.

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