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September 22, 2023
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Private Investor Buys Kearny Mesa Office Building for Over $9 Mil


A 24.4k sf office building in San Diego’s Kearny Mesa submarket was purchased by a private investor for $9.2 mil, or $378/sf. The buyer, who was completing a 1031 exchange, went non-refundable upon the opening of escrow and closed all cash.

Built in 2005, the two-story Class A office building is situated on 1.7 acres at 4747 Viewridge Ave. The building’s amenities include a common area, conference room, high-end finishes, 87 parking spaces, scenic views, and lush landscaping with a koi pond and seating area.

4747 Viewridge was 94% occupied at the time of sale with a historical occupancy of 96% over the last seven years. The Better Business Bureau occupies 13.3k sf on the top floor of the building and six other tenants occupy an average of 1.6k sf in the building.

The building is situated in Kearny Mesa on the northeast corner of Interstate 15 and Balboa Ave, providing immediate freeway access and prominent freeway exposure. Kearny Mesa provides the metro with more than 23 msf of office and industrial space. Its central location attracts commercial activity and jobs, resulting in one of the metro’s lowest vacancies and strong absorption rates.

CBRE’s Matt Pourcho, Anthony DeLorenzo, Matt Harris and Nick Bonner handled negotiations for the seller, San Diego-based Paragon Management Company. The buyer was repped by Phil Emery at AE Commercial.

San Diego investment sales transaction volume closed the second quarter of 2022 at $1.2 bil across office, industrial and life sciences assets greater than $10 mil, according to CBRE Research. Five office sales accounted for $129.9 mil of the total investment sales during the quarter.

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