SAN DIEGO –– 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, to Dominguez Channel LLC, an overseas private buyer undergoing a 1031 exchange.
CBRE Investment Properties’ Matt Pourcho, Anthony DeLorenzo and Matt Harris, along with Chris Williams, represented a private San Diego-based seller in the transaction.
“We continue to witness phenomenal demand from the 1031 private buyers,” said Mr. Pourcho, executive vice president at CBRE. “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.”
Located on 2.04 acres, the two-story office building is fully gross leased, with no pass-throughs. The remodeled modern office features 115 parking spaces and an outdoor patio on the corner of Rancho Bernardo Road and Camino San Bernardo.
George Rehab represented Dominguez Channel LLC.
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 2022 revenue). The company has approximately 115,000 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.
