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12/05/22
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A 70.3k sf, multi-tenant Class A office portfolio in the San Diego County cities of Vista and Carlsbad were acquired by Wimatex Inc in a $13.94 mil deal. Located at 1800 Thibodo Rd and 1959 Palomar Oaks Way, the two-building portfolio was 100% leased at the time of sale.
1800 Thibido Rd consists of a 23.7k sf, three-story Class A office building that is fully leased to nine tenants. The property is located along SR-78 and is near a variety of amenities. 1959 Palomar Oaks Way is a 46.6k sf, three-story Class A office building that is fully leased to four tenants. The property is located off S-12 (Palomar Airport Rd) and also near amenities as well as the McLellan-Palomar Airport.
Located in Vista and Carlsbad, both buildings are also proximate to Interstate 5, the Pacific Ocean and reside near the largest concentration of executive residential communities in San Diego County.
Aric Starck, Drew Dodds and Matty Sundberg with Cushman & Wakefield represented the seller, Thibodo LLC and CCSD LLC, in the transaction.
“This was a great opportunity to acquire a 100% leased office portfolio comprising two high-quality Class A assets with excellent in-place cash flow and the opportunity for upside. Both assets are also located off major thoroughfares with freeway-adjacent locations, providing an ideal office environment,” said Starck. “This acquisition speaks to the confidence in San Diego’s office market that has seen strong overall growth over the previous two years despite the pandemic.”
“According to Cushman & Wakefield’s Q3-2022 market report, San Diego’s North County office market has recorded approximately 200k sf of occupancy growth year-to-date, which as a result has driven office vacancy in North San Diego to a 10-year low. Minimal office construction and limited land availability is an important factor keeping overall vacancy in check in North San Diego,” said Dodds.
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