A high-net-worth individual from Los Angeles has purchased a 19,894-square-foot creative-office building located at 5670 Oberlin Drive in San Diego’s Sorrento Mesa submarket 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.
The property is 100 percent leased to EXP US Services, which the release says is “one of the largest engineering and architecture firms in the world.” Situated on 1.93 acres, the building was renovated in 2004 with modern creative office improvements and is LEED Gold certified by the U.S. Green Building Council, the release says. The property features a sizable rooftop solar system that collects income from San Diego Gas and Electric, according to the statement.
Dayani Partners was represented by CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo, and Doug Mack in the transaction, the release says. Pourcho is quoted in the statement as saying, “This was a great opportunity for a passive San Diego investment, leased on a long-term basis to an international, quality tenant in one of San Diego’s most attractive office submarkets.”
5670 Oberlin is within walking distance of several large retail centers and offers easy access and proximity to the I-805 freeway, according to the statement.
CBRE reports in the release that the San Diego office market improved in Q2 2018 from previous quarters as absorption surpassed 500,000 square feet and vacancy dropped to a post-recession low of 10.6 percent, according to CBRE research. The statement calls Sorrento Mesa “an attractive office market, specifically on Oberlin Drive, where there have been more office buildings converted to creative office than any other location in San Diego County.”
As SoCal Real Estate reported in April, one of the most notable lease deals in San Diego County during the first quarter of the year occurred in Sorrento Mesa, with PayLease’s expansion/renewal, according to a representative of CBRE.