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5/04/17
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A creative office building in central San Diego was purchased for $11.2 mil ($438/sf) by a Los Angeles based 1031 exchange buyer. The property, located at 5015 Shoreham Place, west of I-805 and north of Hwy 52, is 100% leased by SAC Wireless and Loan Depot.
The single-story, Class A property totals 25.6k sf and underwent a full renovation in excess of $2 mil in 2014-2015. The site has operable windows, rollup doors, indoor-outdoor collaborative spaces and efficient open floor plans.
CBRE’s, Matt Pourcho, Gary Stache, Anthony DeLorenzo, and Doug Mac represented the seller, Locale Advisors. The buyer, a high net worth individual, represented himself and plans to keep the property as an investment.
“We continue to see high net worth buyers seeking yield and stable investments such as 5015 Shoreham,” said Pourcho. “There is also a sub 3 percent vacancy rate for creative office in the entire Golden Triangle, which includes UTC and Governor Park.”
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