Crown Realty & Development Inc. and its affiliate CPF Oberlin Associates LLC have purchased The Oberlin, a three-building, 62,424-square-foot creative-office campus located at 5889, 5893 and 5987 Oberlin Drive in San Diego, according to a release from a representative of JLL Capital Markets. The property was purchased from Bixby Land Company for $20.4 million, the release says.
Located in the Sorrento Mesa submarket, The Oberlin is close to I-805 and I-5 and features fully furnished patios, according to the source. The sellers gave The Oberlin a $6.9-million renovation in 2016.
Bob Prendergast, Lynn LaChapelle, Sach Kirpalani, and John Morrison of JLL Capital Markets represented Bixby, while Crown Realty and CPF Oberlin’s team of COO Kreg Groat, VP of transactions Ann Vera, senior acquisitions manager Mike Vaughan, Sr., and senior property manager Nikkie Marion represented itself, the statement says.
Prendergast is quoted in the release as saying, “Sorrento Mesa remains one of San Diego’s most desirable office markets due to its central location, strong tenant base, and its focus on technology. The Oberlin provided Crown Realty & Development with the opportunity to acquire a modernized and fully repositioned property in a premier location with strong upside potential and an opportunity for stabilization.”
Sorrento Mesa, and Oberlin Drive in particular, is becoming a prime submarket for creative-office assets. As SoCal Real Estate reported in September, a high-net-worth individual from Los Angeles purchased a 19,894-square-foot creative-office building located at 5670 Oberlin Drive for $9.25 million, or $465 per square foot, from Dayani Partners, according to a release from a representative of CBRE. The sale was a 1031 exchange, the statement says.