Love For North San Diego
Several panelists at Bisnow's recent SoCal Capital Markets Summit voiced positive impressions about north San Diego County. McCarthy Cook co-president Tom McCarthy says the company's in escrow to buy a 200k SF empty building in Sorrento Mesa. It intends to demolish all the TIs to turn the traditional two-building, four-story complex into "something very cool," i.e., an open floor plan with collaborative space. Tom calls it a tech-oriented play with a high teens return. TruAmerica president Bob Hart likes the density in north San Diego, where the company is buying a project in Oceanside. And CBRE's Kevin Shannon says San Diego--with the exception of the CBD--has been leading the way in terms of SoCal fundamentals.