EverWest Expands San Diego Footprint with $43M Buy
DMcp, a newly-renovated, Class A creative office project totaling 74,402 square feet in San Diego’s Del Mar Heights community, has sold to Denver-based EverWest Real Estate Partners, LLC for $43 million. The seller was an affiliate of SoCal-based Cruzan, which completed $4.4-million in capital improvements to the property prior to the sale.
Located at 12651 and 12671 High Bluff Dr. and situated on 3.5 acres, DMcp consists of two 3-story institutional-quality buildings. The asset was roughly 75% leased at the time of sale.
Cushman & Wakefield’s Rick Reeder and Brad Tecca represented the seller in the disposition.
Reeder says, “DMcp presented a rare, once in a cycle opportunity for an investor to acquire a best-in-class and fully renovated multi-tenant office project, set in one of the most prominent and desirable coastal business and residential communities in Southern California.”
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