CBRE Announces 1031-Exchange Buyer Purchased Office Building in Central San Diego for $14.6 Million
28 1 2020
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San Diego – CBRE announced that a high-net-worth, 1031-exchange buyer purchased an office building in Sorrento Mesa, San Diego for $14.6 million.
Located at 5405 Morehouse Drive, the three-story, 51,589 square-foot building was originally built in 1988. The property, which also includes a covered parking structure, features suites with an average size of approximately 2,800 square feet.
The property is adjacent to Sorrento Court, a popular retail center that serves the hundreds of businesses in Sorrento Mesa. The building is one block from I-805, a major San Diego freeway that connects Sorrento Mesa to the rest of San Diego County. Westfield UTC, a popular shopping mall in the area, is less than three miles from the site.
“This asset is well-located in the thriving Sorrento Mesa market, which features San Diego’s highest concentration of Fortune 500 companies,” said Pourcho. “Sorrento Mesa continues to receive overflow tenants from the adjacent UTC market, which is now 2.3 percent vacant, with 31 percent higher rents than this property. The location of this site is ideal for tenants due to its quality, nearby retail and immediate freeway access.”
The overall asking rate for office space in San Diego increased for the ninth consecutive quarter to $3.17, the highest asking rate this cycle according to CBRE’s fourth-quarter report. Total vacancy dropped 30 basis points quarter-over-quarter to 10.3 percent in the quarter, 20 basis points above the previous year. Central San Diego’s overall office fundamentals remain very healthy as 30 of the 39 past quarters showed positive net absorption.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.