Fully Leased, Renovated Multi-Tenant Office Asset in Central San Diego Sells for $17.9 Million

SAN DIEGO, Calif. – May 22, 2018 – A fully leased 61,227-square-foot multi-tenant office building located at 12230 World Trade Dr. in the Rancho Bernardo community of San Diego, California has sold for $17.9 million. San Diego-based Cal-Sorrento LTD acquired the recently renovated, two-story building situated on 4.85 acres from Palisades Property Trust. Jeffrey Cole, Rick Reeder, Ed Hernandez, Brad Tecca, and Nico Napolitano of Cushman & Wakefield Capital Markets services in Southern California represented the seller in the transaction.

“12230 World Trade is 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,” said Mr. Cole, Vice Chairman. “The property is 100% leased to four tenants, providing secure tenancies and strong in-place revenue. The tenancy is characterized by primarily technology and healthcare focused companies.”

He added, “Originally developed in 1989 and renovated in 2016, the property reflects a newer vintage asset with attractive recently renovated lobbies, common areas, and entryways. The property offers highly desirable and flexible office space.”

Rooted just 15 minutes inland from the Pacific Ocean with immediate access to Interstate 15, the property’s Rancho Bernardo location offers an idyllic live/work environment. The coastal climate, attractive lifestyle options, and vibrant business environment benefit the asset 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.

 

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit http://www.cushmanwakefield.com/ or follow @CushWake on Twitter.

2018-05-22T14:06:41+00:00 May 22nd, 2018|In the News|