San Diego – January 24, 2022 – CBRE arranged a $3.94 million sale of Navajo Professional Center, a 18,324-square-foot office property located in San Diego, Calif., to a private high net worth family office.
Matt Pourcho, Anthony DeLorenzo, Matt Harris, and Bryan Johnson of CBRE’s Private Capital IPSOCAL represented the seller, a private investor, in the transaction.
Located at 7290 Navajo Road, this property is a two-story, open atrium condo-style office building with 71 parking spots. The building is 85 percent leased to various insurance, construction and service-based tenants.
“We continue to see ample demand for smaller multi-tenant office buildings,” said CBRE’s Pourcho. “These buildings have proven to perform extremely well throughout the pandemic given these types of tenants always need a place to office. We received interested from both owner/users as well as investors.”
Navajo Professional Center is minutes away from two major San Diego freeways, I-125 and I-8. It is within walking distance to Cowles Mountain Trailhead, San Carlos Golf Course, Lake Murray and numerous other retail amenities.
The overall Mission Gorge and East County office market, which is comprised of over 6.4 million square feet of office inventory, has consistently outperformed the rest of San Diego County, evident by the current 2.9 percent vacancy rate, according to CBRE Research.