A commercial office building in the heart of San Diego’s University Town Center is up for sale, with an asking price of $17.7 million, or approximately $619 per square foot, according to an offering memorandum obtained by The Registry. The 28,584 square-foot building is currently owned by Braebury Properties and is being listed by VOIT Realty.
The office building is located at 4475 Executive Drive on approximately 26,000 square feet of land. The property was first built in 2000, consisting of 14,677 square feet of rentable space and 13,907 square feet of rentable space on the first and second floors, respectively. According to public records, the property was last purchased by the Ontario-based real estate investment company in 2014 for an undisclosed amount.
The memorandum states potential buyers will benefit from the property’s prime location. Based in University Town Center, many commercial, retail and hotel properties neighbor the building. These include Hyatt Regency La Jolla at Aventine, San Diego Marriott La Jolla, Sheraton La Jolla Hotel, Tesla, Equinox, 24 Hour Fitness, and US Bank, among many others. The property is also in close proximity to various universities, biotech companies and research facilities.
“Home to many of the world’s biggest trailblazers in the biotech, high tech and telecom sectors, University Town Center is home base for inspired innovators and industry-leading research facilities,” the offering memorandum states. Take advantage of your proximity to UCSD, Scripps Research, and Birch Aquarium—and as the gateway to the beautiful North County coastline, UTC offers quick access to the villages of La Jolla and Del Mar. University Town Center’s business-friendly climate is perfect for a productive meeting while hotels offer modern comfort and high-tech convention settings.”
University Town Center is connected to the rest of San Diego County through three major thoroughfares, including Interstate-5, Interstate-805, and State Road 52. A current transportation project also is underway in the region to connect the existing regional rail system at the Old Town Transit Center and at Santa Fe Depot in Downtown San Diego. According to the offering memorandum, this will further improve transportation in and out of the area while also helping boost employment.
Currently, San Diego County is home to nearly 3.3 million residents, with San Diego serving as the second largest city in California. According to the offering memorandum, the city’s great demographics and location make it the third largest hub for life science and technology companies and fifth best innovation hub in the U.S.
“With breakthrough technology companies and research organizations, the largest military concentration in the world and a strong tourism industry, the San Diego region has one of the most diverse, dynamic economies in the country,” the offering memorandum states.
VOIT Realty did not respond in time to comment on this story.
