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CBRE Facilitates $9M Sale of Kearny Mesa Office Building
A private investor, completing an all-cash 1031-exchange, has purchased 4747 Viewridge, a 24,000-square-foot office building in San Diego’s Kearny Mesa submarket. CBRE’s Matt Pourcho, Anthony DeLorenzo, Matt Harris and Nick Bonner handled negotiations for the seller, Paragon Management Company. The deal was valued at $9.2 million or $378 per square foot.
Built in 2005, the two-story Class A property is situated on 1.7 acres with amenities that include a common area, conference room, high-end finishes, scenic views, a koi pond and seating area. The building was 94% occupied at the time of sale.
“Stabilized, low-rise suburban office continues to attract strong private capital interest, evident by the high level of interest during the short marketing period,” said Pourcho. “Following the review of several offers, the seller selected a private buyer who was able to close the transaction in less than four weeks.”
- ◦Sale/Acquisition
