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9/26/18
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The Irvine Company has closed on a trophy-quality, San Diego office buy, acquiring Sunroad Corporate Center, a three-building 302.3k sf office property situated in the heart of the city’s University Town Center area. The asset was sold by Sunroad Enterprises, who has owned the property since it was developed in 2001.
Although the sale price was not immediately given out, industry sources peg the deal value at around $180 mil, or $595/sf.
Situated on 8.06 acres at 4401, 4435 and 4445 Eastgate Mall, Sunroad Corporate Center comprises three, four-story state-of-the art buildings. The property offers a new fitness facility and the buildings are joined together by an outdoor environment complete with a newly constructed pavilion which includes a unique “floating” café and lounge and modern water features. Each building has its own subterranean, elevator-served executive parking facility as well as ample surface parking and a standalone parking structure.
Sunroad Corporate Center is within walking distance to mass transit and world-class retail, dining and entertainment amenities. It is near the UTC Westfield Mall, which recently underwent a major renovation, as well as the soon-to-be-completed Mid-Coast Corridor Transit Project.
NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Paul Jones and Ken White, and Senior Managing Director Rick Stumm represented the selle in the deal. The Irvine Company was self-represented.
“This is a rare generational trophy asset,” said Brunson Howard. “With an occupancy of 78%, there is immediate opportunity to add value with additional leasing activity and by pushing rents with more renovations.”
Shannon added, “UTC is one of the top-performing submarkets in Southern California with an 8.1% overall vacancy rate and a huge barriers to entry story. The UTC submarket has significant tenant demand for Class A office space and this unique campus environment was very appealing to The Irvine Company.”
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