Investors Snap Up 2 San Diego County Office Properties For $44M
Demand among investors for San Diego County office properties continues to be strong. Davlyn Investment has sold two office properties in San Diego County for a total of $44.4M to two local private investors.
“San Diego has strong office market fundamentals and demand for high-quality office properties continues to command considerable investor interest,” CBRE broker Louay Alsadek said.
“The disposition allowed us to capitalize on the strong office market in Carlsbad and Rancho Bernardo, coupled with robust occupancy of both properties,” Davlyn Investments Vice President John Hale said.
The first property, the 74K SF Paseo Summit, is at 6183 and 6185 Paseo Del Norte in Carlsbad, and fetched a price of $23M. The property, which was bought by Next Med III Owner LLC, is 96% leased.
The other office building, the 68K SF The Bluffs, is at 16870 West Bernardo Drive in Rancho Bernardo. It sold for $21.4M and is more than 98% occupied. The buyer was Navarra Properties, Broadway L.P.
Alsadek and CBRE colleague Hunter Rowe represented Davlyn Investments in both transactions. The buyer of Paseo Summit was represented by Ben Tashakorian and Scott Hilmen of Marcus & Millichap, while the buyer of The Bluffs was represented by Mark McEwen and David Harper of Colliers International.