|
|
4/22/26
|
Bridgeway Real Estate Partners has acquired Plaza Del Mar, a 119.7k sf, Class A office building in San Diego's Del Mar Heights submarket, for $43 mil, or $359/sf. The property is located at 12520 and 12526 High Bluff Dr, south of Del Mar Heights Rd and just east of I-5.
Image: Rob Greaux Photography |
 |
|
Plaza Del Mar is comprised of two three-story buildings built in 1987 and renovated in 2014. The multi-tenant property was 60% leased at the time of sale.
Newmark Executive Managing Directors Brad Tecca and Rick Reeder represented the buyer and the seller, Cruzan, in the transaction.
“Plaza Del Mar provides an attractive basis relative to both historical pricing and estimated replacement cost, positioning ownership to capture upside as occupancy stabilizes,” said Tecca. “With a premier coastal location, the market’s high barriers to entry, limited new development and sustained demand from credit tenants across technology, life sciences and professional services, Plaza Del Mar is well positioned to benefit from improving office fundamentals.”
Del Mar Heights is San Diego's premier office submarket, commanding the highest asking rent in the metro. The vacancy rate for professional office projects in the submarket is currently 12.8%. According to Newmark Research, asking rates in the San Diego office market reached an all-time high in the first quarter of 2026, having risen an average of 3.2% annually over the past 10 years.
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
