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8/23/18
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EverWest Real Estate Partners LLC, out of Denver, has purchased DMcp, a newly-renovated, Class A creative office project totaling 74.4k sf in San Diego’s Del Mar Heights community, for $43 mil ($578/sf). The seller was an affiliate of SoCal-based Cruzan, which had recently completed $4.4 mil in capital improvements to the property prior to the sale.
Situated on 3.5 acres at 12651 and 12671 High Bluff Dr, DMcp consists of two three-story, institutional-quality buildings that offer a vibrant casual corporate business setting with an effective blend of traditional and creative characteristics. The property, designed to accommodate a vast array of traditional and creative office users, was approximately 75% leased at the time of sale.
In 2017, Cruzan completed extensive common area improvements including a newly renovated two-story atrium lobby, high-end interior finishes and new flooring, a newly renovated, best in class indoor/outdoor fitness center and locker facilities, and fully built-out new generation spec suites. The exterior façade also received some enhancements.”
Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego represented the seller in the disposition. According to Cushman & Wakefield’s latest market report, Del Mar Heights has proven to be one of San Diego’s leading office growth submarkets in 2018 with over 50k sf of net absorption through midyear.
“DMcp presented a rare, once in a cycle opportunity for an investor to acquire a best-in-class and fully renovated multi-tenant office project set in one of the most prominent and desirable coastal business and residential communities in Southern California,” said Reeder. “Transitioned to match the evolved workplace environment, DMcp’s rapid acceleration to top tier status as a cutting edge environment within the Del Mar Heights submarket has elevated its ability to achieve above market performance.”
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