SAN DIEGO, Calif. –– Cushman & Wakefield announced the firm has brokered the sale of Lomas Pacific I & II, a classic suburban office park totaling 88,522 square feet in San Diego, California. The two-building, multi-tenant campus is located at 9619 Chesapeake Dr & 9444 Farnham St in the Kearny Mesa submarket. San Diego-based M.C. Strauss Company acquired the asset from Brixton Capital for $22.8 million ($257 per square foot).
Cushman & Wakefield’s Rick Reeder and Brad Tecca of the firm’s Capital Markets in San Diego represented both the buyer and seller in the transaction. Bill Cavanagh, Duncan Dodd, SIOR and Mike Novkov with Cushman & Wakefield also provided leasing advisory.
“As one of San Diego County’s most coveted and centrally located business locations, Lomas Pacific I & II is 84.4% leased and anchored by prominent health, engineering and professional services firms providing the buyer with secure in-place cash flow and the ability to realize near-term upside,” said Rick Reeder, Executive Managing Director. “Strong leasing gains made during the pandemic also demonstrates the project’s appeal.”
Reeder added, “The property features flexible floor plates and functional design, offering the ability to accommodate a variety of tenants, as well the opportunity to cost effectively expand and contract as required.”
Lomas Pacific I & II is situated on nearly ±4.0 acres and is comprised of two (3)-story buildings. Project highlights include upgraded common areas such as new restrooms and modern lobbies on each floor. The property also features a large, recently re-slurried surface parking area, with a 4:1000 ratio, plus substantial street parking.
The location is easily accessible to several freeways, including Highways 52 and 163 and Interstates 15 and 805, while local area amenities are in rich abundance of retail, restaurant, entertainment, outdoor activities, and more. The property is also convenient to Montgomery-Gibbs Executive and San Diego International airports, executive housing and many other key destinations within the coastal region.
Brad Tecca, Managing Director added, “Kearny Mesa also consists of a high concentration of healthcare, communication, defense, engineering and insurance industries in addition to local, state and federal government agencies resulting in ongoing market stability and limited volatility.”
The acquisition adds to M.C. Strauss Company’s San Diego portfolio, as the company also acquired Center Point, a 79,215 sf Class A multi-tenant office campus in Mission Valley earlier this year.
Daniel Weiss, Chief Operating Officer of M.C. Strauss company said, “This acquisition aligns with our goal of expanding locally. Kearny Mesa is a submarket that we’ve been targeting for a long time, so when the project fell out of escrow we jumped at the opportunity. The area has been transformed by the new Kaiser campus, and the project has a great mix of tenants with Scripps, QED and Patenaude-Felix all occupying large blocks of space. We’re excited to work with the Cushman & Wakefield team and lease up the vacancy.”
