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June 24, 2024
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Crown Point Systems Spends $7.4 Mil on San Diego Medical Office Property


Crown Point Systems Inc has acquired Loma Starr, a two-building office/medical project totaling 28.6k sf in San Diego, for $7.4 mil ($259/sf). The two-story buildings are located at 3051-3055 Rosecrans St and 3065 Rosecrans Place in San Diego’s Midway District.

The recently renovated project is 91.7% leased to a wide array of tenants. Crown intends to occupy part of one of the buildings for its own offices.

Originally built in the 1960s, Loma Starr underwent extensive renovations in 2018 that included a new roof, interior and exterior improvements, and system upgrades at the 3065 Rosecrans building, and a full renovation of the 3051-3055 Rosecrans building. The location is near the junction of I-5 and I-8 as well as an abundance of surrounding amenities, the San Diego International Airport, and is minutes from the beach.

Peter Curry, Brooks Campbell and Kevin Cuff with Cushman & Wakefield’s Private Capital Group in San Diego represented the seller, Loma Starr LLC, a private investor group, in the transaction. Bret Morriss of Cast Capital repped the buyer.

“Loma Starr offered a great opportunity to acquire a strategically located open-air office and medical asset in a desirable coastal area of San Diego, a market that continues to see demand from both office and medical users. The buyer will be able to operate their business while also having a good income stream and a competitive property to meet market demand,” said Curry.

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