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10/02/19
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System Property purchased a 17.3k sf creative office building in San Diego’s Bankers Hill for $8.68 mil, or about $500/sf. Located at 3043 4th Ave, the single-tenant building is 100% leased to RealPage Inc, a global provider of software and data analytics for the real estate industry.
The two-story property features ocean and canyon views to the west and 33 underground parking spaces. The building recently underwent a $2 mil renovation that included new building infrastructure, modern finishes and exterior façade and landscaping improvements.
The property is located two miles north of Downtown San Diego in the Bankers Hill submarket, which boasts the lowest office vacancy rate in San Diego County. The site is two blocks west of Balboa Park, home to the San Diego Zoo, and one mile east of the I-5 Fwy. Within a three-mile radius of the building are 190 dining establishments, 36 banking and ATM locations, five grocery stores and 26 hotels.
CBRE’s Matt Pourcho, Marc Frederick, Anthony DeLorenzo, Gary Stache and Doug Mack represented the buyer and the seller, San Diego-based H.G. Fenton Company, in the transaction.
“This transaction highlights the continued interest of Los Angeles-based investors in San Diego’s extremely attractive creative office market,” said Pourcho. “Over 80% of small office buildings in Bankers Hill are owner-occupied, which makes true investment property opportunities in the area a rarity. At $502 a square-foot, this sale demonstrates the strong investor interest creative office buildings in San Diego continue to draw.”
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