Union Investment has sold Paseo Del Mar, a 235,000-square-foot, class-A office development in the Del Mar Heights submarket of San Diego, to The Irvine Company for an undisclosed amount, according to a release from a representative of The Irvine Company. The release says this is the company’s fourth significant San Diego office property purchase in the past 12 months.
According to the statement, Paseo Del Mar, located at 12255, 12265, and 12275 El Camino Real, was completed in 2006. The project comprises three three-story buildings with efficient and highly flexible floor plates and numerous onsite amenities including a café, Wi-Fi–enabled courtyard, subterranean reserved parking, electric-vehicle-charging stations, a fitness center with full-service locker rooms, and several walking trails.
Tenants include Sheppard Mullin, Pillsbury Winthrop, Dowling & Yahnke Wealth Management, Bank of Southern California, Kilpatrick Townsend, and Compass, the statement says. The project offers immediate access to I-5 and SR-56 and is a short drive from the newly revitalized Del Mar Highlands Town Center, which is currently undergoing an expansion that will include 120,000 square feet of additional retail including 40 contemporary shops and top-rated restaurants, according to the release.
Doug Holte, president, Irvine Company Office Properties, is quoted in the release as saying, “The Irvine Company continues to view the San Diego region as a world-class innovation center with unparalleled lifestyle attributes to attract top talent across all high-growth industries. Paseo Del Mar provides us with another exceptional workplace community for our San Diego customers, with close access to best-of-class residential, recreational, retail, and on-site amenities.”
The release also says the seller was advised by Metzler Real Estate and that Adam Edwards, Brian Russell and K.C. Scheipe of Eastdil Secured handled negotiations on behalf of the seller.
To date, the statement says, The Irvine Company owns 9 million square feet of office workplace communities in San Diego submarkets including Downtown, Del Mar Heights, La Jolla UTC, Mission Valley, and Sorrento Mesa. Recently, as SoCal Real Estate reported exclusively, the company purchased La Jolla Reserve in La Jolla UTC; in January, it acquired Gateway at Torrey Hills; and in September 2017, it purchased nearby Township 14. According to the statement, in total, the company has added nearly 1 million square feet to its San Diego office portfolio in the past year.