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4/28/20
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Casey Brown Companies spent $14.5 mil on a City Center office property in San Diego that consisted of two of the largest office buildings on El Cajon Blvd along with a four-story, 149-stall parking structure. The assets were sold by San Diego State University Research Foundation (SDSURF).
The assets were sold in an off-market transaction that was structured as a sale leaseback through which SDSURF executed a five-year lease with one five-year extension option. The buildings are located at 4275 and 4283 El Cajon Blvd, south of I-8 and just east of I-15.
Kipp Gstettenbauer and Ryan King of Voit Real Estate Services Private Client Group represented the seller in the transaction. Voit also repped the buyer in the deal.
“The property is located on main-on-main with an exceptional location within the City Center submarket. This submarket has exceptionally high-barriers to entry, high density allowances and neighbors the thriving North Park market,” explains Gstettenbauer.
The transaction enabled SDSURF to achieve its goals by allowing them to remain at the property and serve their research projects and tenancies over the next several years, while also providing a net-leased opportunity with strong development upside for the buyer.
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