Davlyn Investments Inc. has sold two San Diego office properties to two different local private investors for a total of $44.4 million, according to a release from a representative of CBRE. The release also says Louay Alsadek and Hunter Rowe of CBRE represented Davlyn in both transactions.
The properties include Paseo Summit, a 74,827-square foot, two-building park located at 6183 and 6185 Paseo Del Norte in Carlsbad, and The Bluffs, a 68,708- square-foot building located at 16870 West Bernardo Drive in Rancho Bernardo, the statement says.
Next Med III Owner purchased Paseo Summit for $23 million; the property was 96 percent leased at the time of sale, CBRE reports, adding that the buyer was represented by Ben Tashakorian and Scott Hilmen of Marcus & Millichap.
Navarra Properties, Broadway, L.P. acquired The Bluffs for $21.4 million, according to the release. CBRE reports that the property is situated on 3.38 acres and was 98.4 percent leased at the time of the sale, and the buyer was represented by Mark McEwen and David Harper of Colliers International.
John Hale, VP of Davlyn Investments, is quoted in the statement as saying, “The disposition of Paseo Summit and The Bluffs allowed us to capitalize on the strong office market in Carlsbad and Rancho Bernardo, coupled with robust occupancy of both properties.”
Alsadek comments in the release, “San Diego has strong office market fundamentals, and demand for high-quality office properties continues to command considerable investor interest.”
Based in San Diego, Davlyn owns and operates apartment communities and office buildings throughout California.