SAN DIEGO –– CBRE arranged the $7.5 million sale of 5657 Copley Drive, an 18,434-square-foot office building in San Diego’s submarket of Kearny Mesa, to a 1031 private buyer Aroga Real Estate LLC.
Matt Pourcho, Matt Harris, Anthony DeLorenzo and Bryan Johnson of CBRE’s Private Capital Partners represented the private seller in the transaction. Todd Holley of VOIT represented the buyer. The sale price amounts to $412 per sq. ft.
“We continue to witness phenomenal demand from private 1031 capital despite rising interest rates,” said CBRE’s Pourcho. “Our 1031 count is currently at record levels.”
The two-story building is fully triple net leased to MRC, a document management company. Built in 2007 to act as MRC’s corporate headquarters, the building features a marble entryway, electric vehicle charging stations and 85 parking spots.
The property is located east of Interstate 805 and minutes from State Route 52. The building’s location is within three miles of restaurants, banks, grocery shopping centers, fitness centers and hotels.
Kearney Mesa continues to be a destination for commercial activity. According to CBRE’s research in the third quarter of 2022, Central San Diego recorded 10.4% office vacancy, 274,926 sq. ft. of negative net absorption, and asking lease rates at $3.40.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
