February 27, 2018
Pacific Gateway Towers, a 68,748-square-foot, two-building Class A office and medical project in Oceanside, CA, sold for $14.94 million. Private Investor Charlie Jadallah acquired the property from IPF Tri City, LLC (Fenway Properties, LLC). The sale price produced a cap rate of 7.37%.
Pacific Gateway Towers consists of two four-story multi-tenant buildings on 5.16 acres at 3142 and 3156 Vista Way in San Diego’s desirable North County. IPF Tri City, LLC had purchased the project in 2014 at roughly 57% leased as a value add opportunity. The project underwent significant renovations in 2015/2016 to reposition, and then was leased up to approximately 95.5% at the time of sale.
Marcus & Millichap’s Nick Totah represented the buyer. Cushman & Wakefield’s Mark Avilla, Rick Reeder and Brad Tecca advised the seller.
For comments, questions or concerns, please contact Dennis Kaiser