SAN DIEGO, Calif. – December 2, 2022 – Cushman & Wakefield announced the firm has brokered the sale of a 70,262-square-foot multi-tenant Class A office portfolio in the cities of Vista and Carlsbad (San Diego), California. Located at 1800 Thibodo Rd and 1959 Palomar Oaks Way, the two-building portfolio was 100% leased at the time of sale and was acquired by Wimatex, inc. for approximately $13.94 million.
Vice Chairman Aric Starck and Senior Associate Drew Dodds with Cushman & Wakefield’s Capital Markets in San Diego along with the firm’s Senior Director Matty Sundberg represented the seller, Thibodo, LLC and CCSD, LLC, in the transaction.
“This was a great opportunity to acquire a 100% leased office portfolio comprising two high-quality Class A assets with excellent in-place cash flow and the opportunity for upside. Both assets are also located off major thoroughfares with freeway-adjacent locations, providing an ideal office environment,” said Aric Starck. “This acquisition speaks to the confidence in San Diego’s office market that has seen strong overall growth over the previous two years despite the pandemic.”
1800 Thibido Rd consists of an approximately 23,690-sf, three-story Class A office building that is fully leased to nine tenants. The property is located along SR-78 and is near a variety of amenities. 1959 Palomar Oaks Way is an approximately 46,572-sf, three-story Class A office building that is fully leased to four tenants. The property is located off S-12 (Palomar Airport Rd) and also near amenities as well as the McLellan-Palomar Airport.
Located in Vista and Carlsbad, both buildings are also proximate to Interstate 5, the Pacific Ocean and reside near the largest concentration of executive residential communities in San Diego County.
“According to Cushman & Wakefield’s Q3-2022 market report, San Diego’s North County office market has recorded approximately 200,000 sf of occupancy growth year-to-date, which as a result has driven office vacancy in North San Diego to a 10-year low. Minimal office construction and limited land availability is an important factor keeping overall vacancy in check in North San Diego,” said Drew Dodds.
