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9/05/18
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A 1031 exchange investor paid $9.25 mil for a 19.9k sf ($465/sf), creative office building in San Diego’s Sorrento Mesa submarket. The asset was sold by Dayani Partners.
The property, situated on 1.93 acres at 5670 Oberlin Dr, is 100% leased to EXP US Services, one of the largest engineering and architecture firms in the world. The building was renovated in 2004 with modern creative office improvements and is LEED Gold-certified by the U.S. Green Building Council. It has a large solar system on the roof which collects income from San Diego Gas and Electric.
CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo, and Doug Mack represented Dayani Partners in the transaction. The buyer was a high net worth individual from Los Angeles.
“This was a great opportunity for a passive San Diego investment, leased on a long-term basis to an international, quality tenant in one of San Diego’s most attractive office submarkets,” said Pourcho.
Situated in the desirable western location of Sorrento Mesa, the property is within walking distance to several large retail centers. With the completion of I-805 HOV/ Carroll Canyon Road Extension Project, proximity and ease of accessibility to the freeway is only a half of a mile.
The San Diego office market improved in Q2 2018 from previous quarters as absorption surpassed 500,000 sq. ft. and vacancy dropped to a post-recession low of 10.6%, according to CBRE research. Sorrento Mesa is an attractive office market, specifically on Oberlin Drive, where there has been more office buildings converted to creative office on this street than any other location in San Diego County.
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