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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.”
- ◦Sale/Acquisition

