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10/31/18
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Two office properties totaling 143.5k sf in San Diego County were sold in separate deals with a combined value of $44.4 mil. The properties, located in Carlsbad and Rancho Bernardo, were both sold by Davlyn Investments Inc.
The Bluffs, Rancho Bernardo |
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One of the properties, Paseo Summit, is a 74.8k sf, two-building office park at 6183 and 6185 Paseo Del Norte in Carlsbad. It was 96% leased at the time of sale. It was purchased by Next Med III Owner LLC, a local private investor, for $23 mil ($307/sf). The buyer was repped by Ben Tashakorian and Scott Hilmen of Marcus & Millichap.
The other property, The Bluffs, is a 68.7k sf office building at 16870 West Bernardo Dr in Rancho Bernardo. The property is situated on 3.38 acres and was 98.4% leased at the time of the sale. The local buyer, Navarra Properties Broadway, L.P., purchased the property for $21.4 mil ($311/sf) and was represented by Mark McEwen and David Harper of Colliers International.
Louay Alsadek and Hunter Rowe of CBRE represented Davlyn Investments in both transactions.
“The disposition of Paseo Summit and The Bluffs allowed us to capitalize on the strong office market in Carlsbad and Rancho Bernardo, coupled with robust occupancy of both properties,” said John Hale, vice president of Davlyn Investments, a San Diego-based owner/operator of apartment communities and office buildings throughout California.
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