Approximately 10 years after last trading hands, a nearly 100-percent occupied building in San Diego is back on the market. The property, located at 4747 Viewridge Avenue has recently been listed by CBRE, with guidance pricing set at $9.35 million, or just under $384 per square foot.
Currently, the 24,371 square-foot building is owned by Paragon Real Estate Investments, which acquired it in 2012 for an undisclosed amount. Prior to that, the property was initially constructed in 2005 on 1.7 acres of land. As well as the Class A office space, the commercial asset offers 87 parking space and various onsite amenities.
“Built in 2005, 4747 Viewridge is a ‘best of class’ high image Class A office building featuring excellent views, lush landscaping with a Koi Pond and seating area, immediate freeway access, prominent freeway exposure to Interstate 15, a common area conference room and high-end finishes throughout,” CBRE states in the listing.
The multi-tenant building is currently 94 percent occupied, offering a net operating income of $561,000. Its largest tenant is The Better Business Bureau, which occupies the entire top floor of the building. The company moved into the office building in 2013 and has recently expanded their footprint to 13,297 square feet, or about 58 percent of the property.
Other tenants at the building include The Sherwin-Williams Company, American Academy of Pediatrics, Pacific Capital Associates and several others. The listing also shows that the office building has previously held an occupancy rate of 96 percent over the past seven years.
Located in San Diego’s Kearny Mesa submarket, the property is centrally located near major residential and business hubs, including downtown San Diego, Mission Valley and La Jolla. The property is also closely located to both Interstates 805 and 15 as well as State Road 163.
In comparison to many other submarkets of San Diego, the Kearny Mesa submarket is seeing lower than average vacancies and higher interest from tenants. According to CBRE, the direct vacancy rate for comparable office buildings up to 25,000 square feet is 7.6 percent, compared to 13.3 percent throughout the rest of San Diego County. Additionally, Kearny Mesa remains San Diego’s only submarket where 77 percent of all occupants are owner-users.
