
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.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition