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4/19/24
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California Schools Voluntary Employee Benefits Association purchased a 45.9k sf office building in San Diego’s Kearny Mesa area for $12.2 mil ($266/sf). The property is located at 3990 Ruffin Rd, west of I-15 and north of Aero Dr.
The two-story, Class A office building sits on just over two acres at the corner of Ruffin Rd and Calle Fortunada. The property's amenities include remodeled restrooms, showers, lockers and 144 parking spaces. Over 100 restaurants are within five miles of the property.
Each floor offers flexible floorplates allowing for divisibility and is between 14.5 ft and 15.5 ft, deck-to-deck height. The entire building is leased through 2024, which gives the buyer time to obtain permits and prepare for their use.
Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE's Investment Properties represented the seller, CAPL Building LLC, in the deal. Randy LaChance and Ryan Bracker with VOIT repped the California Schools Voluntary Employee Benefits Association.
“We continue to see phenomenal office demand from owner-users," said Mr. Pourcho, executive vice president at CBRE. "Users still want to control their destiny and understand the advantages of owning compared to renting."
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