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California   /   September 11, 2017

Dennis Kaiser
By: Dennis Kaiser

East Village Tower Trades for $207M

DiamondView East Village, a 15-story office tower adjacent to Petco Park in San Diego, has traded hands. Divco West Real Estate Services acquired the 315,000-square-foot building at 350 10th Ave., from Cruzan for $207 million.

The property, which was developed by Cisterra Partners in 2007 and sits just east of Petco Park, has a vacancy rate of less than 10%. DiamondView amenities include a 35,000-square-fit gym, ground-floor retail and a top-floor “skybox” open air sitting area of the Petco Park baseball field. It was the first Class A office tower to be developed as part of a Major League Baseball ballpark.

The deal was made through DivcoWest’s $1.5-billion Fund V, involving more than 40 institutional investors. Cruzan bought the asset with CIGNA in 2012 for $121 million.

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Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience.
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