A 12,906-square-foot Cardiff office building with an ocean view has been listed for $11.9 million.
The creative office building, located on a .58-acre lot at 131 Aberdeen Drive in Cardiff-by-the-Sea, is also available for lease. CBRE, the firm marketing the property, listed the site for roughly $922-per-square-foot. An Salt Lake City-based entity purchased the property in 2014. According to the broker, the building is partially leased out.
The property, a two-story building with floors roughly 6,500-square-foot each, was originally built in 1967 and underwent renovations in 1996. The building features glass block windows and an external staircase leading to its outside deck. The rooftop deck offers a view of San Elijo State Beach, Tower 16 Park and Cardiff State Beach, which are a short walk from the property. The office is also equipped with showers, surfboard racks and storage, bringing a beachgoing mentality to a building with beach proximity.
The building will come fully furnished with adjustable desks, chairs, and ping-pong tables. The parking lot sports 41 parking spaces, about 3 spaces per 1,000 square feet. While it isn’t gated yet, parking gate equipment that a buyer could install is on site and would be included with the purchase. The area is zoned for general commercial use. San Elijo Lagoon and Ecological Reserve’s trails and parks are a short drive from the office building, which is within walking distance from Cardiff Seaside Market. Located a stone’s throw from State Coast Highway 101 and a short drive from Interstate 5, the property is a 30-minute drive from San Diego International Airport and the rest of Downtown San Diego.
Contacts for the property include Matt Pourcho, Casey Sterk, Matt Harris, Anthony Delorenzo, Nick Williams, Mike Hoeck and Kyle Wilson.
The listing marks the second San Diego office space to hit the market within the week. The Registry reported on Sept. 20 that Super Awesome Property Management is 5015 Shoreham Place, a Downtown San Diego property with 25,600-square-foot of space across one floor, for $14,720,000.
According to previous reporting from The Registry, the office market in San Diego is still in flux as of Q2 2024. San Diego’s office market saw a significant decline in leasing activity, dropping 20.4 percent from the previous quarter to just under 0.9 million square feet, continuing a trend of three consecutive quarters of reduced leasing. This decline is attributed to factors like higher inflation, slowing job growth in office-using sectors, and corrections in the tech and life sciences industries.
Average asking rents increased by 6.8 percent year-over-year, reaching $3.46 per square foot per month. Leasing activity is expected to remain cautious through the rest of 2024, driven by upcoming lease expirations and ongoing economic uncertainties. High availability levels and elevated asking rents are likely to persist as landlords continue to offer incentives to attract tenants.
