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2/15/22
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New York-based real estate investor Sason has acquired Chesapeake Corporate Center, a two-story, 59.2k sf office building located at 9555 Chesapeake Drive in San Diego’s Kearny Mesa submarket. Although the price was not given out, a local source we spoke to estimates the deal came in at just over $12 mil ($203/sf).
Rebranded as Canvas on Chesapeake, Sason will begin immediately on a $1.5 mil repositioning of the asset. The renovations will include a modernized façade, updated landscaping, creating indoor/outdoor work spaces off the building’s lobbies, modernizing the three lobbies, updating the elevators, lighting and other mechanical systems, installing a new roof, and developing two new spec suites (17k sf and 3k sf) to accommodate users immediately.
Canvas on Chesapeake is ideally located in San Diego’s most central submarket and surrounded by six major freeways, providing easy access to surrounding communities.
Brunson Howard of Newmark represented the sellers, Chesapeake Center LP and Brown Chesapeake LLC. Sason was unrepresented on the acquisition. This is Sason’s first acquisition in San Diego.
Leading the leasing efforts at Canvas are JLL’s Richard Gonor and Tony Russell. The office property can accommodate a wide range of users from 3k sf to 17.2k sf.
“San Diego, and specifically the Kearny Mesa submarket, is attractive because of the sustained tenant demand and the unparalleled level of amenities and connectivity afforded by the location,” said Joshua Sason, Principal, Sason. “At Canvas, we’re targeting forward-thinking companies who value design-forward indoor and outdoor workspaces and overall wellness. We believe in San Diego and are continuing to look at growing our presence in the market with future acquisitions of properties where we can create best-in-class environments that embody the future of work.”
“With the growth of new life science hubs in San Diego, traditional office tenants are looking to other areas to create their own hubs of connectivity,” said Richard Gonor, JLL Executive Vice President. “Areas like Kearny Mesa, Scripps Ranch and other submarkets are primed to see increased tenant demand for office space that meets the needs of users and their employees.”
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