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12/17/24
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In a recent office property sale in San Diego County, The Plaza at Eastlake, a 132.7k sf, Class A building in Chula Vista, sold for $29.5 mil, or $222/sf. The property was 94% occupied at the time of the sale.
The structure, located at 2300 Boswell Rd, is within Eastlake’s master-planned community that features over 1 msf of recently developed space, including retail, restaurant and various entertainment properties.
The two-story building was built in 1992 and was recently renovated from 2018-2020, totaling around $2.24 mil in capital improvements. The renovations included ‘Class A’ finishes with the addition of a two-story lobby, a large luxury conferencing center with glass walls on both sides (the only building in the submarket with this amenity), a ceiling height of 10 feet throughout and remodeled restrooms and elevators. Previous ownership completed constructing 37.8k sf of speculative suites over the past few years.
Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE represented the seller, Plaza at Eastlake LLC, an affiliate of Harbor Associates. The CBRE team worked with Kimberly Clark at Voit as the local leasing agent.
“While most press reports show that the office is in trouble, this building did not see one of the 27 tenants vacate over the past six years,” said CBRE’s Pourcho. “The submarket is only 4% vacant and has averaged this vacancy for five years. Not all offices are struggling, and our San Diego suburban office tenant rosters remain healthy, which is why San Diego leads the nation in office fundamentals.”
Eastlake has been voted San Diego County’s No. 1 master-planned community for 10 years due to the abundance of shopping, dining, and entertainment amenities. The property is also near Scobee Park, the U.S. Post Office and Eastlake Country Club.
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