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2/24/15
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A 20k sf, multitenant office/industrial property in San Diego sold for $2.45 mil ($123/sf). Built in 1988, the two-story building is located at 720 Gateway Center Dr, south of the 94 Fwy and west of I-805.
Mark Lewkowitz of Colliers International represented the buyer, Sasa Group LLC. Bob Teglia and Brent Bohlken of Newark Grubb Knight Frank repped the seller, Urban League of San Diego. The building is currently 50% leased to Fresenius Medical Care. The buyer will occupy the remaining 50%.
“There is limited office/industrial product available for sale in the 15k sf – 25k sf range in San Diego,” said Mark Lewkowitz, Associate Vice President at Colliers International, “The new owner is fortunate to capitalize on the existing income while gradually occupying the entire building.”
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