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5/12/22
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Willow Creek Corporate Center, a three-story, 121.4k sf office building in San Diego’s Scripps Ranch submarket, traded for $25.3 mil ($208/sf). The asset was purchased by Sason, marking the firm’s second acquisition in San Diego in the past three months.
Canvas on Willow is located on just over six acres close to the Scripps Ranch Technology Park and the 15 Fwy in the 1-15 Corridor of San Diego. The submarket is home to numerous life sciences, communications, tech, defense and financial services industries.
Partially renovated in 2020, the asset features three 40k sf floorplates. On-site amenities include private balconies, an interior courtyard and lockers and showers on the ground floor. The asset was 71% leased to 10 tenants when Sason entered into contract and by the time the transaction closed, occupancy increased to 100% across 12 tenants.
Rebranded as Canvas on Willow, Sason will begin immediately on a $2 mil repositioning that will include constructing a new tenant lounge and fitness center complete with rollup doors and access into the courtyard, completely modernizing the building’s central courtyard to create an indoor/outdoor environment for tenants to work, relax and enjoy, updating the HVAC system and controls and modernizing bathrooms throughout the asset.
“San Diego’s I-15 Corridor continues to be a growing business hub with a diverse tenant mix and strong labor pool,” said David Rottenberg, Principal, Sason. “At Canvas on Willow, we’re creating a more dynamic indoor/outdoor work environment which appeals to the new generation of employees, fostering creativity, energy and collaboration.”
Bob Prendergast and Lynn LaChapelle with JLL Capital Markets represented the seller, a joint venture between Harbert Management and Cypress Office Properties. JLL’s Richard Gonor and Tony Russell are leading leasing efforts at the property. The office property can accommodate a wide range of users from 3k sf to 17.2k sf.
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