CBRE arranged the sale of 3990 Ruffin Road in San Diego, Calif., for $12.2 million ($267 per sq. ft.) to the California Schools Voluntary Employee Benefits Association.
Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE’s Investment Properties represented the seller, CAPL Building LLC, in the 45,940 sq. ft. building transaction.
“We continue to see phenomenal office demand from owner-users,” said Mr. Pourcho, executive vice president at CBRE. “Users still want to control their destiny and understand the advantages of owning compared to renting.”
The two-story Class A office building is on 2.05 acres at the corner of Ruffin Road and Calle Fortunada. Each floor offers flexible floor plates allowing for divisibility and is between 14.5 ft. and 15.5 ft., deck-to-deck height.
The entire building is leased through 2024, which gives the buyer time to obtain permits and prepare for their use.
The property’s amenities include remodeled restrooms, showers, lockers and 144 parking spaces. Over 100 restaurants are within five miles of the property.
Randy LaChance and Ryan Bracker with VOIT represented the California Schools Voluntary Employee Benefits Association.
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 2023 revenue). The company has more than 130,000 employees (including 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.
