San Diego-based Cal-Sorrento LTD has purchased a fully leased, 61,227-square-foot, multi-tenant office building located at 12230 World Trade Drive in San Diego’s Rancho Bernardo community for $17.9 million from Palisades Property Trust. The recently renovated, two-story building is situated on 4.85 acres.
Jeffrey Cole, Rick Reeder, Ed Hernandez, Brad Tecca, and Nico Napolitano of Cushman & Wakefield Capital Markets services (C&W) in Southern California represented the seller in the transaction. “Originally developed in 1989 and renovated in 2016, the property reflects a newer vintage asset with attractive recently renovated lobbies, common areas, and entryways,” says Cole, vice chairman. “The property offers highly desirable and flexible office space.”
Cole describes 12230 World Trade Drive as s “a well-maintained, institutional-quality asset positioned along the Southern California coast, located in close proximity to numerous amenities, including two large retail centers, and housing. The property is 100 percent leased to four tenants, providing secure tenancies and strong in-place revenue. The tenancy is characterized primarily by technology and healthcare-focused companies.”
The property is located fairly close to the ocean, with immediate access to the I-15. According to C&W, its Rancho Bernardo location offers an idyllic live/work environment that includes a coastal climate, attractive lifestyle options, and vibrant business environment, with proximity to both corporate decision makers and a highly skilled labor pool, including the highest concentration of engineers in San Diego. Public transportation is also convenient with the new Rancho Bernardo Transit Center centrally located in Rancho Bernardo.