SAN DIEGO –– CBRE arranged the sale of 5752 Oberlin, a 17,238-sq.-ft. office building in San Diego’s Sorrento Mesa submarket, to a local private investor for $5.25 million, or $305 per square foot.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Matt Harris and Scott Kincaid represented the seller, a San Diego-based private investor. The buyer was represented by CBRE’s Ted Jacobs, Hunter Rowe and Matt Carlson.
Located at 5752 Oberlin Drive, the two-story office building was built in 1982 and sits on .95 acres. Previous ownership improved the building’s interior, and the exterior features wood-framed walls, glass doors and windows. The building features a mansard-style roof, reinforced concrete foundation and roof-mounted HVAC units. The property includes 49 asphalt-paved parking spaces and standard landscaping.
“We witnessed a tremendous amount of activity from a variety of buyers for this property,” said Pourcho. “After 19 tours and nine offers, we ultimately selected a high-net-worth local investor who intended to occupy a small portion of the building.”
Situated in Sorrento Mesa off Mira Mesa Boulevard, 5752 Oberlin is a quarter mile from I-805, near the I-5/I-805 convergence and approximately 15 minutes from every major freeway. The building is in middle of San Diego’s fastest-growing hub for tech and life sciences companies, according to CBRE. In the past few years, Sorrento Mesa has recorded significant growth and Oberlin Drive has been home to the market’s life sciences conversions and repositions.
Central San Diego continues to be the preferred location for office tenants in the market, aligning with national trends of suburban office submarkets recovering faster than downtowns, according to CBRE Research. In the second quarter of 2022, Central San Diego recorded a 100-basis point decrease in office vacancy to 10.4 percent, 242,199 sq. ft. of positive net absorption, and asking lease rates at $3.37.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.