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Bixby Sells San Diego Office Campus For $20.4M

The Oberlin creative office campus in San Diego

Bixby Land Co. has sold The Oberlin, a 62K SF creative office campus, for $20.4M to CPF Oberlin Associates LLC, a subsidiary of Crown Realty & Development.

The three buildings at 5889, 5893 and 5897 Oberlin Drive were 66% leased at the time of sale to Verimatrix, Bravo Sports and Digital Addix.

The property is in San Diego's Sorrento Mesa submarket, which was recognized as a hot submarket for tech and life sciences in Cushman & Wakefield's recent Tech Cities 2.0 report. Sorrento Mesa landlords have capitalized on the trend with buildings that are flexible for biotech or traditional office tenants, the report states.

Bixby purchased the former Mira Mesa Business Park in September 2014 for $9.3M. Bixby said at the time that it planned to invest $6.5M in a project redesign. The company turned the flex space into creative office that included outdoor gathering and workspaces, a fitness area and updated finishes.

JLL's Bob Prendergast and Lynn LaChappelle represented the buyer and seller.