LPC West has acquired Polo Plaza, a 57,253-square-foot, mixed-use property at 3702 and 3790 Via De La Valle in Del Mar, California, from an undisclosed local seller for $27.5 million. The two-building, two-story property sits at the gateway between Del Mar and Rancho Santa Fe in San Diego County.
LPC West will renovate the Mediterranean-style office/retail property to include a new paint scheme, monument sign, exterior lighting, furniture, and landscaping, as well as complete parking-lot upgrades. The plaza will also feature a new café offering coffee, breakfast, and lunch in an indoor/outdoor setting. The property also will offer small ExecuOffices™ in newly renovated facilities with on-site amenities. A new website at www.poloplazadelmar.com highlights LPC West’s plans.
Polo Plaza, named for its high-profile location across from the Del Mar Polo Fields, has been owned by a local, private partnership for 31 years and is 92 percent occupied. The seller sought a local buyer that would be a good steward of the property for the benefit of the local community.
“We see enormous potential to fulfill the prestige and prominence of this property,” says Brig Black, EVP–Southern California for LPC West. “Occupying a well-traveled corridor between two of San Diego’s most prosperous towns positions Polo Plaza to become a more coveted destination for business, dining and shopping. We look forward to making this happen.”
Ben Tashakorian and Bradley Peters of Marcus & Millichap represented seller, while LPC West represented itself in the transaction. Tashakorian adds, “This was a highly sought-after, iconic asset due to its proximity to the Del Mar coast and at the entrance to Rancho Santa Fe.”