Rancho Bernardo Offices Trade to Overseas 1031 Buyer
CBRE arranged the sale of 17075 Camino San Bernardo, a 25,475-square-foot-office building in Rancho Bernardo’s Tech Park, for $8 million, or $314 per square foot. The fully leased property sold to Dominguez Channel LLC, an overseas private buyer undergoing a 1031 exchange.
Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE Investment Properties, along with Chris Williams, represented a private San Diego-based seller. George Rehab represented Dominguez Channel LLC.
“We continue to witness phenomenal demand from the 1031 private buyers,” said Pourcho. “This buyer was located overseas and purchased the building site unseen for a 5.8% cap rate. The office market is not dead, and 1031 buyers need to place capital.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).