CBRE Arranges $11.6 Million Sale of Office Property in Escondido, California

CBRE negotiated the sale of La Terraza Corporate Plaza, an 81,304-square-foot office building located at 500 La Terraza Blvd., in Escondido, California. The property was acquired by Landvalue Management LLC for $11.6 million.

CBRE's Matt Pourcho, Anthony DeLorenzo and Nick Williams, along with Matt Carlson and Hunter Rowe, represented the special servicer & receiver in the transaction.

"We continue to see strong investor interest in well-located, high-quality office assets in San Diego. With 13 offers on this property, office investors are back more than ever since the pandemic and we continue to see private high net worth capital perform extremely well," said Pourcho, Executive Vice President at CBRE. "La Terraza Corporate Plaza combines strong visibility, a highly amenitized location and flexible tenancy options, which positioned it to attract a broad buyer pool and ultimately drive a successful outcome for our client."

Built in 2008, La Terraza Corporate Plaza features a stone-and-reflective-glass façade, marble lobbies and third-floor balconies. Amenities include covered parking, keycard access, a fitness center with showers and lockers, and conference rooms. The property offers flexible floor plates and divisible suites to accommodate a range of tenant sizes.

Situated along Interstate 15, the property offers convenient access to Highway 78 and nearby retail, with more than 2.7 million square feet within two miles and 6.9 million square feet within five miles.

The property benefits from strong market fundamentals in North County San Diego, where the Escondido office market vacancy rate is approximately 9.1%, supported by positive absorption and demand for high-quality space.