A 56,168 square foot office building in Del Mar is adding to recently listed office space in Southern California. Offered by Cushman & Wakefield, the coastal asset at 3702 and 3790 Via De La Valle has been listed with guidance pricing set at $35 million, or about $624 per square foot.
According to public records, the property is currently owned by LPC West, which purchased the asset in 2018 for $27.7 million, or $493 per square foot.
Referred to as Polo Plaza, the property consists of two buildings on just over two acres of land. The property was built in 1987 and offers various onsite amenities, including large outdoor areas and covered parking.
According to Cushman & Wakefield, the property is nearly 63 percent occupied by 25 tenants, offering a net operating income of just over $1 million. Coldwell Banker Realty, Risen Magazine and Berkshire Hathaway include just a few of the tenants currently taking up space at the property.
The office campus is immediately adjacent to Del Mar’s Old Polo Fields, which are currently operated by Surf Cup Sports. According to the listing, the location hosts 490,000 attendees annually across 35 events. The property is also near a number of retail amenities, like The Shops at Polo Plaza. With close proximity to Interstate 5, the property also has easy access to nearby beach towns Solana Beach and Torrey Pines.
“Polo Plaza’s luxury corporate office spaces serve one of the most sought after areas in North County San Diego, providing sophisticated amenities and unprecedented service to our corporate clientele. Ease of access to the 5 freeway and neighboring communities solidifies the commitment to work and lifestyle at the highest level,” a landing page for the property on LPC West’s website states.
