July 17, 2018
LPC West acquired Polo Plaza, a pair of mixed-use buildings in San Diego, for $27.5 million at a cap rate of 5.51%. The office and retail property, which derives its name from the nearby Del Mar Polo Fields, was built in 1987 and was divested by the original developer, Plaza Partners of San Diego.
The two-story 57,253-square-foot property is located at 3702 and 3790 Via De La Valle. In addition to painting, LPC West plans to renovate the 92%-occupied buildings with a monument sign, exterior lighting, new landscaping and parking lot upgrades, as well as adding a cafe with modernized indoor-outdoor seating.
Marcus & Millichap’s Ben Tashakorian and Bradley Peters represented the seller, while LPC West was self-represented.
For comments, questions or concerns, please contact Dennis Kaiser