Renovated Mission Valley Office Building Sells for $21.5M

Bitwise at State Center, a Fresno, CA-based 1031 exchange buyer, has purchased 3838 Camino Del Rio North, a 95,000-square-foot, newly renovated office building in the Mission Valley submarket of San Diego. CBRE’s Matt Pourcho and Anthony DeLorenzo along with Colliers’ Louay Alsadek represented the seller, Camino DRN Owner, LLC in the $21.5 million transaction.

The three-story building is situated on nearly 6 acres and consists of over 30 office suites, an underground parking garage and a two-story atrium lobby. Located near Interstates 8 and 15, the 92%-occupied asset is walkable to other means of transportation with proximity to San Diego State University and Snapdragon Stadium.

“We witnessed significant demand from the 1031 buyer pool and ultimately sold to a non-local private buyer,” said Pourcho. “Despite rising interest rates, the office sector offers tremendous positive leverage not seen in other product types. This purchase fits nicely into the buyer’s portfolio.”