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6/18/19
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Alvarez & Marsal Capital Real Estate has acquired the former headquarters for Mission Federal Credit Union in San Diego, a 61.4k sf office building in the city’s Sorrento Mesa area, for $10.4 mil ($169/sf). The building, located at 5785 Oberlin Dr, was sold by Mission Federal Credit Union.
Built in 1985, the office building features a bright entry lobby, extensive glass line with hillside views and is within walking distance to numerous retail amenities. The three-story property also includes large and open floor plates that promote a highly versatile space configuration, allowing for the conversion to creative office space that has become prominent in the Sorrento Mesa submarket, specifically on Oberlin Drive.
The building sits just south of Mira Mesa Blvd, a prominent east-west thoroughfare in Central San Diego. The property is within one mile of the I-805 Fwy, which merges with the I-5 Fwy approximately two miles northwest of the site.
The property’s three-mile radius is supported by 7,432 businesses and a 142,908-employee base, an adult population that is nearly 70% college-educated and an average household income of $113,569. CBRE Econometric Advisors forecast a 16.7% rent growth for Sorrento Mesa over the next five years.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack represented both partie in the transaction.
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