Another office property has hit the market in San Diego. The modern creative office project at 2010 Jimmy Durante Blvd. in Del Mar, known as The Bungalows, has been listed with an asking price of $28.73 million, or about $726 per square foot.
The property is marketed by CBRE’s Anthony DeLorenzo, Matt Pourcho, Matt Harris, Nick Williams, Kyle Wilson, Brooks Campbell and Joe Anderson. Property records indicate that the site last traded in 2018 for $15.7 million, or approximately $397 per square foot, when it was acquired by an entity affiliated with Harbor Associates.
Situated on more than 2.32 acres of land, The Bungalows span approximately 39,537 square feet., reflecting its status as the largest office project in coastal Del Mar. The property is more than 95 percent occupied, and was recently remodeled in 2020. Current ownership invested over $6 million in renovations, according to the property listing.
The Bungalows provide a distinctive live/work experience in the heart of Del Mar, nestled between the Del Mar Racetrack/Fairgrounds and the historic Del Mar Village. The location is also within walking distance to the Pacific Ocean and in proximity to unique shops, renowned restaurants, luxury hotels and stores like Gelson’s and Whole Foods. The property also has access to the I-5 Freeway.
The property leverages the robust San Diego office market fundamentals, boasting the lowest vacancy rate in San Diego County. The competitive set, comprising all renovated creative office buildings in Coastal Del Mar/Solana Beach, is 99.7 percent leased. The North County Coastal Office Market consistently records the highest market rents in San Diego, according to CBRE.
