CBRE Brokers San Diego Office Sale

5752 Oberlin Drive. Image courtesy of CBRE

A local private investor has acquired a 17,238-square-foot office building in San Diego, Calif., from an individual seller. CBRE brokered the $5.3 million—or $305 per square foot—deal for both parties.

According to CommercialEdge data, the former owner purchased the asset in 1992, for $1.1 million. The two-story property at 5752 Oberlin Drive sits on a nearly 1-acre plot in the Sorrento Mesa neighborhood. Located just off Mira Mesa Boulevard and in proximity of interstates 5 and 805, the building is part of San Diego’s active life science and tech hub.

Built in 1982, the property has a mansard-style roof, wood-framed walls and glass doors, as well as roof-mounted HVAC units and 49 parking spots. The previous owner renovated the building’s interior.

CBRE’s Senior Vice President Matt Pourcho, Vice Chairman Anthony DeLorenzo, Senior Vice President Scott Kincaid and Associate Matt Harris worked on behalf of the seller. The company’s Vice Chairman Ted Jacobs, Vice President Hunter Rowe and Executive Vice President Matt Carlson represented the buyer. The new ownership intends to occupy a portion of the property, according to Pourcho.

San Diego’s active life science and tech hub

As the nation’s suburban office markets are seeing a more rapid recovery than downtown areas, central San Diego is in line with these national trends: the metro’s office vacancy fell by 100 basis points in the second quarter of 2022, to 10.4 percent, according to a recent CBRE report.

Earlier this year, Manulife Investment Management closed on the $145 million disposition of a two-building office campus located 4 miles south of 5752 Oberlin Drive. The property was fully leased at the time of the sale and holds life science redevelopment potential.