June 15, 2017 Comments Off on 1031 Exchange Buyer Picks Up Central San Diego Asset for $12.5M Views: 750 California News, San Diego

1031 Exchange Buyer Picks Up Central San Diego Asset for $12.5M

CBRE Group, Inc. completed the sale of an office building in Central San Diego to a Los Angeles based 1031-exchange buyer for $12.5 million. The property, 9860 Mesa Rim, is 100% leased by the University of Southern California, and is the San Diego HQ for USC’s Alzheimer’s Therapeutic Research Institute, which is a part of the Keck School of Medicine.

CBRE’s Matt Pourcho, Gary Stache,  Anthony DeLorenzo, and Mark Shaffer represented the Seattle based seller, Washington Capital Management. The buyer, a high net worth individual plans to keep the property as a long term investment.

Pourcho says, “University of Southern California is a great credit tenant, and the building shows very well. This was a win-win for all parties, and we continue to see 1031 capital outperform institutional capital on the buy-side.”

The two-story, 40,000-square-foot property was built in 2000 and is situated between the I-805 and I-15 freeways.

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