Bitwise at State Center Pays $21.5MM for 94,612 SQFT Office Building in Mission Valley

San Diego, CBRE, Bitwise at State Center, Camino DRN Owner LLC, Mission Valley

SAN DIEGO –– CBRE arranged the sale of 3838 Camino Del Rio North, a 94,612-sq.-ft. newly renovated office building in San Diego’s submarket of Mission Valley to Bitwise at State Center, an out-of-town 1031 exchange buyer.

Matt Pourcho and Anthony DeLorenzo of CBRE’s Private Capital Partners, as well as Louay Alsadek from Colliers, represented the Seller, Camino DRN Owner LLC, in the transaction.

The three-story property is situated on 5.81-acres and consists of over 30 office suites ranging in size from 550 sq. ft. to 13,000 sq. ft., 337 underground parking spots and a two-story atrium lobby. The building was built in 1981 and is currently at 92% occupancy.

“We witnessed significant demand from the 1031 private capital buyer pool and ultimately sold to a non-local 1031 private buyer,” said CBRE’s Pourcho. “Despite rising interest rates, the office sector offers tremendous positive leverage not seen in other product types. This great purchase fits nicely into the buyer’s portfolio.”

The property is located just North of Interstate 8 and West of Interstate 15 and has walkable access to other means of transportation. The building additionally sites to the South of San Diego State University’s Mission Valley campus and Snapdragon Stadium.

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.