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10/27/17
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A 68.5k sf creative office building in San Diego’s Rancho Bernardo submarket traded hands in a $21.5 mil deal. The fully occupied, two-story property is situated on nearly four acres of land at 15255 Innovation Dr, near the Camino Del Norte exit off I-15.
The multi-tenant, Class A property was built in 1986 as a corporate office facility and fully reimagined in 2015 as creative office space through an extensive renovation. The property features collaborative designs throughout, including large and efficient floorplates, expansive views with floor-to-ceiling glass lines, outdoor employee lounge with fire pit, drought-tolerant landscape with landmark wood trellis accent and a modern-design main lobby. The property also includes 262 parking stalls and is within walking distance to Carmel Mountain Plaza, a nearly 1 msf open-air retail center.
Avison Young’s Alan Pekarcik and Chris Smith, along with Martin Cohan of Marcus & Millichap, represented the buyer, a private investor who was completing the upleg to a 1031 exchange. The seller, 15255 Innovation Drive LLC, was repped by Colliers International.
“At essentially 96% occupancy, the Rancho Bernardo submarket is the healthiest office market in the City of San Diego, with continued demand from companies in technology, financial services and defense for office space near the residential districts preferred by San Diego’s innovation-economy professionals,” noted Smith. “The acquisition of a recently renovated building of this quality below replacement cost in a strong location puts the buyer in a strong position for long-term success.”
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