Irvine Company has acquired One Del Mar, a 120,000-square-foot, class-A office property at 12544 High Bluff Drive in the Del Mar Heights submarket of San Diego for an undisclosed sum, according to a release from a representative of Irvine Company.
The seller was also not revealed in the release. SoCal Real Estate reached out to the rep for this information but it was not available.
According to the statement, One Del Mar was built in 2001 and renovated in 2018. The four-story building features efficient and highly flexible floor plates and several modern onsite amenities, including a state-of-the-art indoor fitness center with showers and day-use lockers, two outdoor patios, recently enhanced lounge areas with coffee service, an open-air terrace and drought-tolerant landscaping.
Irvine Company says it plans to reinvest and refine the indoor-outdoor workspaces and gathering areas. Tenants include law firm Procopio, financial services firm Stifel Nicolaus & Company, and healthcare, life-science and technology company Quidel.
The release says the workplace community is close to I-5 and SR-56 and is within walking distance from 500,000 square feet of new and expanding shopping centers, including the Del Mar Highlands Town Center, which is undergoing a $120 million expansion that will include 40 new contemporary shops and restaurants. It also is near major resorts, golf courses, hiking trails, parks, and the ocean.
The acquisition follows several other high-profile San Diego investments by the company in the past 14 months, including Paseo Del Mar in Del Mar Heights, La Jolla Reserve in La Jolla, Gateway at Torrey Hills, and nearby Township 14. In total, the company has added more than 1 million square feet to its San Diego office portfolio, according to the statement.
Doug Holte, president of Irvine Company Office Properties, is quoted in the statement as saying Irvine Company continues to “seek strategic growth opportunities” in the San Diego region.
According to the release, Lynn LaChapelle, Sach Kirpalani, and Bob Prendergast of JLL represented the seller in the transaction, while Irvine Company represented itself. Irvine Company owns 9 million square feet of San Diego office workplace communities in Downtown, Del Mar Heights, La Jolla UTC, Mission Valley, and Sorrento Mesa.