A medical office campus in Vista is adding to a number of assets that have been placed up for sale in the San Diego region in recent months. The 104,370 square foot office campus, also called The Atrium, has been listed for $18.46 million, or about $177 per square foot, according to a listing by CBRE.
Located at 400 S. Melrose Drive, the property consists of three two-story buildings on just over five acres. Currently, the property is owned by Coseo Properties, which acquired it in 2017 for $9.8 million, according to its website.
The listing shows that the property is 73 percent occupied by a variety of tenants, which includes Logistics Health Inc., Sunny Days Inc. and others.
Of these, the largest tenant accounts for only 6.2 percent of the property, providing a more balanced rent roll. Additionally, several tenants have been at The Atrium for 10 or more years.
With its location in Northern San Diego County, the property is within close proximity to more than 300,000 square feet of retail amenities and a short commute to the coast, according to the offering memorandum. Additionally, the office campus is easily accessible by both Interstates 5 and 15.
Overall, Vista’s office market has been performing fairly well despite high vacancies in other Southern California office markets. According to CBRE, the multi-tenant office vacancy rate in Vista/San Marcos is at 9.4 percent, and over the past three years, has averaged 8.86 percent. Additionally, San Diego’s unemployment rate averages 2.7 percent compared to 4.6 percent in the state of California as a whole.
