SAN DIEGO – May 25, 2023 – CBRE arranged the sale of 3710 Ruffin Road, an office building in San Diego’s submarket of Kearny Mesa. The 20,060-sq.-ft.-building sold for $7.89 million ($393 per sq. ft.) to Cabrillo Credit Union.
CBRE’s Phil Linton and Nick Bonner represented the seller, the Council of Community Clinics, which will leaseback a quarter of the building.
“We are pleased to have successfully facilitated the sale of this Class A-level property,” said Mr. Linton. “The multiple offers we received indicate the historically strong demand for owner-occupied commercial buildings is continuing into 2023.”
The two-story building features solar panels, open ceilings, creative office space, private offices, conference rooms, employee break rooms and restrooms on each floor. The property was renovated in 2019.
“The Kearny Mesa submarket, where the property is located, has one of the tightest supplies of 20,000 – 40,000-sq.-ft.-office spaces in central San Diego,” added Mr. Bonner. “The supply is being diminished by redevelopment for different occupier types.”
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.