DMcp in Del Mar Heights | Courtesy a representative of Cushman & Wakefield

Cruzan Affiliate Sells Creative Project for $43M

Carrie Rossenfeld Office

A representative of Cushman & Wakefield’s (C&W) Capital Markets in San Diego reports that an affiliate of Cruzan has sold DMcp, a newly-renovated, class-A, creative-office project at 12651 and 12671 High Bluff Drive in the Del Mar Heights submarket of San Diego, for $43 million to Denver-based EverWest Real Estate Partners LLC. The project, which totals 74,402 square feet, had recently undergone a $4.4 million capital-improvement program, the source reports in a statement.

Rick Reeder and Brad Tecca of C&W Capital Markets in San Diego represented the seller in the disposition, according to the representative.

Situated on 3.5 acres, DMcp comprises two three-story institutional-quality buildings that were approximately 75 percent leased at the time of sale, the statement reveals. C&W describes the project as offering “a vibrant, casual, corporate business setting with an effective blend of traditional and creative characteristics. The property was designed to accommodate a vast array of traditional and creative-office users.”

In the statement, Tecca, an executive director, says, “In 2017, Cruzan completed extensive common-area improvements including a newly renovated two-story atrium lobby; high-end interior finishes and new flooring; a newly renovated, best-in-class indoor/outdoor fitness center and locker facilities; and fully built-out new-generation spec suites. The exterior façade also received some enhancements.”

According to the statement, C&W’s latest market report reveals that Del Mar Heights is one of San Diego’s leading office-growth submarkets in 2018, with over 50,000 square feet of net absorption through midyear.

Del Mar Heights in San Diego’s North County region is one of the strongest office submarkets in the county. Also, as SoCal Real Estate reported in April, Del Mar Heights is one of San Diego County’s most affluent submarkets and home to the working community at the largest office transaction in San Diego during Q1: the purchase of the 197,832-square-foot Gateway at Torrey Hills complex by the Irvine Company for $105 million in January, a deal that accounted for 70 percent of the market’s sales volume in the first quarter, according to a report released by a representative of CommercialCafé.