(EDITOR’S NOTE: The transaction came out to just under $184 per square foot.)
San Diego – CBRE announced that a private, 1031 exchange buyer has purchased a multi-tenant office building in the Scripps Ranch community of San Diego for $3.15 million.
CBRE’s Matt Pourcho, Matt Harris, Anthony DeLorenzo, Gary Stache and Bryan Johnson represented the seller, a private investor.
Located at 10731 Treena Street, the 17,151 square-foot, two-story property was 94 percent leased to a diverse mix of 13 tenants at the time of sale. The building features 14 suites with an average size of 1,225 square-feet. The asset is immediately adjacent to Mira Mesa Boulevard with direct access to the I-15 freeway, connecting Scripps Ranch to the rest of San Diego County.
“Amidst macro-economic uncertainty, stabilized, well-located assets provide an intrinsic investment opportunity for investors by providing long-term stability, attractive cash flow and significant future upside,” said Mr. Pourcho. “We received multiple offers from numerous 1031 buyers looking for a bite-sized, stable deal.”