August 5, 2019
Voit Real Estate Services directed the sale of Futura Business Park, a three-building multi-tenant office property totaling 51,229 square feet in San Diego’s Kearny Mesa submarket for $11.2 million. The buyer was La Jolla-based Hill Properties, while the seller was Otay Terminal – Farnham St., LLC.
Voit’s Randy LaChance, Ryan Bracker, and Arthur Bleier represented both buyer and seller. LaChance says, “With 90% occupancy among a diverse roster of tenants, this asset delivers immediate stable cash flow as well as a tremendous opportunity for future value creation.”
Significant upgrades are planned at the property, including exterior and interior improvements, as well as a repositioning as a more creative offering to meet current tenant demand. The single-story property at 9445, 9455, and 9465 Farnham St. features an extensive glass line and multiple entry points to accommodate a variety of suite sizes, which deepens the opportunity to build out creative suites that attract new tenants from a variety of sectors.
For comments, questions or concerns, please contact Dennis Kaiser