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9/03/26
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A joint venture between Newport National Corporation, Bluebird Capital Group and Sundance Bay has purchased Civic View Corporate Centre, a 95.6k sf, Class A office building located at 300 Rancheros Drive in San Marcos. The property was acquired 100% leased, with anchor tenants including Smith Chason College, Black and Veatch, and San Diego Regional Center.
The joint venture plans to invest in the property over the coming years, refreshing tenant improvement packages, upgrading building amenities, and positioning Civic View to serve the next generation of North County office users. The plan builds on the property's strong in-place cash flow and its location across from a growing residential and retail node.
Civic View was originally developed by Newport National Corporation in 2008 and sold in 2015. The joint venture's reacquisition of the property marks a return to a building Newport built, stabilized, and knows intimately. The asset sits directly across from North City, the largest master-planned mixed-use development underway in North San Diego County, which is bringing a downtown urban atmosphere including residential, retail, student housing, and public gathering space to the Highway 78 corridor.
Sundance Bay, a Salt Lake City-based real estate operator and investor, joined Newport and Bluebird on the transaction, contributing capital alongside the sponsor group. The seller was represented by Rick Reeder and Brad Tecca of Newmark.
San Marcos is a strategic central anchor to the North County San Diego office corridor, home to a growing base of employers across healthcare, higher education, life sciences, and professional services. The city is home to California State University San Marcos, one of the fastest-growing universities in the CSU system, and is a major healthcare market with providers including Kaiser Permanente Medical Center, Scripps Costal Medical Center, and Palomar Health. The immediate submarket has seen limited new Class A office construction over the past decade, creating a supply-constrained environment where well-located product continues to accommodate sustained tenant demand.
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