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10/11/19
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Virtus Real Estate Capital purchased Sunroad Plaza, a 71.9k sf office campus in San Diego’s Rancho Bernardo area, for $19.9 mil, or $277/sf. The two-building complex, located at 11770 Bernardo Plaza Ct, was sold by Sunroad Enterprises.
The property consists of one three-story building and one four-story building, with on-site showers and lockers, executive conferencing facilities and 423 parking spaces. Sunroad Plaza was 82% leased at the time of sale to a mix of government, medical and professional office users and boasts a historical occupancy averaging 93% over the last five years.
The property is located in the Rancho Bernardo submarket of North County San Diego and is adjacent to the I-15 Fwy, which connects the area to the rest of the county. Within three miles of Sunroad Plaza are 319 restaurants, 123 banking locations, 102 grocery stores, 14 health and fitness centers and 25 hotels. The household income within a three-mile radius is more than $140k.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson represented Sunroad Enterprises in the transaction. Lars Eisenhauer, also with CBRE, repped the buyer.
“This location in Rancho Bernardo is very rich with amenities, has a strong residential base and is strategically located just off the I-15 Fwy,” said Pourcho. “Over the next five years, we have estimated that Rancho Bernardo will experience a 15.4% rental-rate growth, supported by strong tenant demand and tightening market conditions. This was an excellent opportunity for the buyer to acquire an asset and reposition to a full medical campus.”
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