Dealmaker: CBRE Closes $39M in Office Transactions

CBRE, Dallas, closed $38.6 million in office sector transactions in southern California.

In San Diego County, CBRE arranged $35.3 million to refinance Plaza Del Mar, an office property in the Del Mar Heights submarket.

Mark McGovern, Scott Peterson, Brian Cruz and Colby Matzke of CBRE’s debt and structured finance team arranged the loan for property owner Cruzan, a local real estate investment and development firm that purchased the asset in 2012.

Located at 12520 and 12526 High Bluff Drive, the two-building, 117,500-square-foot property dates to 1987. Cruzan has invested nearly $10 million in buildouts and amenities. Plaza Del Mar is currently 80 percent leased to 27 tenants, with several leases signed in the last year.

Located adjacent to Interstate-5, Plaza Del Mar is a 10-minute walk to One Paseo, a new mixed-use development with retail, dining and rental apartments.

CBRE also announced a private 1031 exchange buyer purchased a multi-tenant office building in the nearby Scripps Ranch community for $3.3 million. Matt Pourcho, Matt Harris, Anthony DeLorenzo, Gary Stache and Bryan Johnson represented the seller.

Located at 10731 Treena Street, the 17,151-square-foot two-story property was 94 percent leased at closing. The building is immediately adjacent to Mira Mesa Boulevard. “Amidst macro-economic uncertainty, stabilized, well-located assets provide an intrinsic investment opportunity for investors by providing long-term stability, attractive cash flow and significant future upside,” Pourcho said. “We received multiple offers from numerous 1031 buyers looking for a bite-sized, stable deal.”