CBRE arranged the $27.44 million sale of Mosaic, a 64,019-sq.-ft. creative office/flex asset in Rancho Bernardo, a prime location for the technology, defense and expanding life sciences sectors.
CBRE’s Matt Carlson, Hunter Rowe, Matt Pourcho, Anthony DeLorenzo and Camille Doan represented the seller, SENTRE.
Built in 1985 and recently renovated, Mosaic is a best-in-class asset located at 15822 Bernardo Center Drive. The property sits on a 4.18-acre elevated corner lot that provides tenants with panoramic views and access to nearby retail, the region’s workforce, and executive housing.
“Despite the challenging market dynamics, the competitive bid process demonstrated that well-located, quality office assets still command significant interest from multiple capital sources,” said CBRE’s Carlson.
Mosaic is 100 percent leased to well-established, credit tenants and anchored by Microchip Technology Incorporated, a publicly traded entity that manufactures microcontroller, mixed-signal, analog, and Flash-IP integrated circuits.
Since the second quarter of 2019, the creative office market along the Interstate 15 Corridor has outperformed the greater San Diego market.
“After acquiring Mosaic in late 2019, SENTRE completed a strategic rebranding and lease-up of the asset. The successful execution is a testament to their thoughtful business plan and how the market values the Rancho Bernardo submarket,” said CBRE’s Rowe.
“Mosaic as repositioned represents the best of our “real estate reimagined” brand promise. A truly differentiated workplace built for the new world and delivered at sale as fully leased to world class tenants,” said SENTRE’s Doug Arthur.
About SENTRE
Founded in 1989, SENTRE is a vertically integrated real estate investment firm headquartered in San Diego with extensive experience in office, industrial, retail and multi-family properties. SENTRE has acquired, developed and/or operated projects throughout the West Coast totaling more than 10 million square feet and $4B in transactional volume. In addition, SENTRE co-founded Vesta, a publicly traded industrial real estate company operating in Mexico with a portfolio of over 30 million square feet valued in excess of $2 billion.
