A private investor has purchased a 24,371-square-foot office building in Kearny Mesa for $9.2 million, according to a real estate firm.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Matt Harris and Nick Bonner handled negotiations for the seller, San Diego-based Paragon Management Company. Phil Emery of AE Commercial represented the buyer.
Built in 2005, the two-story office building, at 4747 Viewridge Ave., is situated on 1.7 acres. The building’s amenities include a common area, conference room, 87 parking spaces, scenic views and landscaping with a koi pond and seating.
The building was 94% occupied at the time of sale, slightly below its seven-year rate of 96%.
The Better Business Bureau occupies 13,297 square feet on the top floor of the
building and six other tenants occupy an average of 1,591 square feet in the building.
“Stabilized, low-rise suburban office continues to attract strong private capital interest, evident by the high level of interest during the very short marketing period,” Pourcho said.
The transaction closed less than four weeks after CBRE began marketing the property, he added
Kearny Mesa has more than 23 million square feet of office and industrial space, with one of the metro area’s lowest vacancies.
San Diego investment sales transaction volume closed the second quarter of 2022 at $1.2 billion across office, industrial and life sciences assets greater than $10 million, according to CBRE Research.
Five office sales alone accounted for nearly $130 million of total investment sales during the quarter.