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7/06/22
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San Diego-based M.C. Strauss Company acquired Lomas Pacific I & II, an 88.5k sf, suburban office park in San Diego from Brixton Capital for $22.8 mil ($258/sf). The two-building, multi-tenant campus is located at 9619 Chesapeake Dr & 9444 Farnham St in the Kearny Mesa submarket.
Lomas Pacific I & II is situated on nearly four acres and is comprised of two three-story buildings. Project highlights include upgraded common areas such as new restrooms and modern lobbies on each floor. The property also features a large, recently re-slurried surface parking area, with a 4:1000 ratio, plus substantial street parking.
The location is easily accessible to several freeways, including Highways 52 and 163 and Interstates 15 and 805, while local area amenities are in rich abundance of retail, restaurant, entertainment, outdoor activities, and more. The property is also convenient to Montgomery-Gibbs Executive and San Diego International airports, executive housing and many other key destinations within the coastal region.
Cushman & Wakefield’s Rick Reeder and Brad Tecca of the firm’s Capital Markets in San Diego represented both the buyer and seller in the transaction. Bill Cavanagh, Duncan Dodd, SIOR and Mike Novkov with Cushman & Wakefield also provided leasing advisory. The acquisition adds to M.C. Strauss Company’s San Diego portfolio, as the company also acquired Center Point, a 79.2k sf Class A multi-tenant office campus in Mission Valley earlier this year.
“As one of San Diego County’s most coveted and centrally located business locations, Lomas Pacific I & II is 84.4% leased and anchored by prominent health, engineering and professional services firms providing the buyer with secure in-place cash flow and the ability to realize near-term upside,” said Reeder. “Strong leasing gains made during the pandemic also demonstrates the project’s appeal.”
Tecca added, “Kearny Mesa also consists of a high concentration of healthcare, communication, defense, engineering and insurance industries in addition to local, state and federal government agencies resulting in ongoing market stability and limited volatility.”
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