{"id":1004205408,"date":"2018-01-31T07:02:37","date_gmt":"2018-01-31T15:02:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004205408"},"modified":"2022-12-08T19:55:47","modified_gmt":"2022-12-09T03:55:47","slug":"irvine-buys-san-diego-office-for-105m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/irvine-buys-san-diego-office-for-105m\/","title":{"rendered":"Irvine Buys San Diego Office for $105M"},"content":{"rendered":"<p>By Alex Ciorogar<\/p>\n<div id=\"attachment_1004205409\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Gateway-at-Torrey-Hills.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004205409\" data-attachment-id=\"1004205409\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/irvine-buys-san-diego-office-for-105m\/gateway-at-torrey-hills\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Gateway-at-Torrey-Hills.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;2.8&quot;,&quot;credit&quot;:&quot;Joel Zwink&quot;,&quot;camera&quot;:&quot;FC330&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1472551175&quot;,&quot;copyright&quot;:&quot;\\u00a9 Joel Zwink\/Zwink Photography&quot;,&quot;focal_length&quot;:&quot;3.61&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Gateway at Torrey Hills\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Gateway at Torrey Hills&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Gateway-at-Torrey-Hills.jpg?w=800\" class=\"wp-image-1004205409 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Gateway-at-Torrey-Hills.jpg\" alt=\"Gateway at Torrey Hills\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Gateway-at-Torrey-Hills.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Gateway-at-Torrey-Hills.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Gateway-at-Torrey-Hills.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004205409\" class=\"wp-caption-text\">Gateway at Torrey Hills<\/p><\/div>\n<p>Orange County-based Irvine Co. has bought an office complex in San Diego for $105 million. The Gateway at Torrey Hills is a Class A asset\u00a0consisting of two four-story, multi-tenant office buildings totaling 197,862 square feet.<\/p>\n<p>Located at 3570 and 3580 Carmel Mountain Road, at the intersection of Interstate 5 and Carmel Mountain Road, the property is home to several companies from various industries. Some tenants include Wells Fargo, Software AG and the law firm Mintz Levin. Built in 2008, the adjacent three-level parking structure features four parking spaces for every 1,000 square feet, with 95 percent of the spaces being covered.\u00a0 The project also features on-site amenities like a gym and locker facility, food services and outdoor gathering areas.<\/p>\n<h2><strong>Desirable Submarket<\/strong><\/h2>\n<p>Executive Managing Director Rick Reeder and Managing Director Brad Tecca of Cushman &amp; Wakefield\u2019s Capital Markets group handled negotiations on behalf of the seller. According to Yardi Matrix data, the seller was PGIM Real Estate. Additionally, leasing specialists Brian Starck and\u00a0Joe Anderson performed market advisory services.<\/p>\n<p><em>\u201cGateway at Torrey Hills is strategically located in Del Mar Heights, one of San Diego County\u2019s most desirable submarkets. The complex was approximately 80 percent leased to a dynamic tenant roster that offered the balance of secure income and potential upside with a clear path to stabilization,\u201d<\/em> said Reeder in a prepared statement.<\/p>\n<p>Irvine Co. recently celebrated the grand opening of its newest <a href=\"https:\/\/www.commercialsearch.com\/news\/meet-irvines-newest-and-tallest-office-tower\/\">office building<\/a> in Irvine, Calif. The high-rise is located at 400 Spectrum Center Drive, one of California\u2019s most successful live-work-play communities.<\/p>\n<p><em>Image courtesy of Cushman &amp; Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Gateway at Torrey Hills is a nearly 200,000-square-foot, Class A asset, which is home to tenants from various industries.<\/p>\n","protected":false},"author":928,"featured_media":1004205409,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21742,21747,1608,15],"tags":[32799,33749,34714],"class_list":["post-1004205408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-latest","category-office","category-san-diego","category-west","tag-cushman-wakefield","tag-irvine-company","tag-pgim-real-estate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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