|
|
4/01/26
|
Bridgeway Real Estate Partners, in a venture with LBX Investments, has acquired Plaza Del Mar, a 120k sf office campus located in the Del Mar Heights submarket of San Diego, for $43 mil ($352/sf).
Plaza Del Mar is located at 12520 and 12526 High Bluff Drive. It sits within the heart of Del Mar Heights, one of San Diego’s most dynamic office markets, surrounded by a significant concentration of human capital, innovative companies, and business leaders.
According to CBRE research, properties along High Bluff Drive in Del Mar Heights have seen significant rent increases over the last five years, benefiting from the flight-to-quality trend as top-tier companies move into the area. Today, new leases at the north end of the street are consistently near or have crossed the $6.00 per square foot per month threshold. Leasing activity is strong, with a large pool of companies actively seeking space in the market, of which over half are new to the submarket.
Bridgeway plans to reintroduce the property to the market with an enhanced campus environment, including upgrades to the common-area courtyards that better reflect the coastal Del Mar lifestyle while supporting the professional tenants who work at the property.
Rick Reeder of Newmark represented the seller in the transaction. Scott Peterson, Mark McGovern, Colby Matzke and Michael Kolcum of CBRE's Debt and Structured Finance practice in San Diego secured the acquisition financing on behalf of the new owners. CBRE's Mike Hoeck, Chris Pascale and Ellycia Walker will lease the property.
"Del Mar Heights continues to stand out as the most vibrant office submarket in San Diego, with strong leasing activity and rent performance that reflects its appeal," said Ellycia Walker, CBRE's First Vice President. "Plaza Del Mar is poised to perform well as it delivers that rare balance of premium space with the coastal lifestyle many tenants gravitate towards."
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
