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3/20/20
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A high-net-worth, private buyer purchased a 30.6k sf, medical office building in San Diego’s Miramar area for $5.3 mil ($173/sf). It was sold by San Diego-based investment group Equinvests Capital.
Located at 9606 and 9636 Tierra Grande, the two-building, campus-style property was originally constructed in 1981. The recently renovated asset was 85% at the time of sale to a diverse mix of medical and office tenants.
The property is located in the Central San Diego submarket, less than one quarter mile from the I-15 Fwy that connects Miramar to the rest of the County. The site is walking distance from numerous dining and retail options. The asset is adjacent to two planned housing developments that will add 5,500 residential units and increase the population in the area by 17 percent by 2030.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Gary Stache, Doug Mack and Bryan Johnson represented Equinvests Capital in the transaction.
“Miramar remains a lower cost alternative to the adjacent high-rise Class A market, UTC, where rents are more than double,” said Pourcho. “The location of this site is ideal for tenants due to its quality, nearby retail and immediate freeway access.”
The overall asking rate for office space in San Diego increased for the ninth consecutive quarter to $3.17, the highest asking rate this cycle according to CBRE’s fourth-quarter report. Central San Diego’s overall office fundamentals remain very healthy as 30 of the 39 past quarters showed positive net absorption. As of the fourth quarter of 2019, the Miramar Class A and B office vacancy is 3.5% and has remained under 10% for the past five years.
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