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California  + San Diego  + Office  | 

Rancho Bernardo Creative Office Trades for $22M

Avison Young brokered the $21.5-million acquisition of a two-story, 68,489-square-foot creative office building located in San Diego’s Rancho Bernardo submarket. Avison Young’s Alan Pekarcik and Chris Smith, along with Marcus & Millichap’s Martin Cohan, represented the buyer, an undisclosed private investor. Colliers International’s Rick Putnam and Michael Roberts (now with HFF) represented the seller, 15255 Innovation Drive LLC.

Built in 1986 as a corporate office facility, the fully-occupied building was renovated in 2015 as creative office space. The multi-tenant class A property is situated on nearly four acres at 15255 Innovation Dr.

Pekarcik says, “The Avison Young team identified this unique opportunity for the buyer as the upleg to a timely 1031 requirement. The property’s stable tenant base, recent renovations and excellent cap rate of 7.25% going in made it an extremely attractive office property for a long-term investment in what is San Diego’s top-performing office submarket.”

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Connect With Avison Young’s PekarcikConnect With Marcus & Millichap’s CohanConnect With Colliers’ Putnam

About Dennis Kaiser

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 including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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