CBRE Arranges the $7.89 Sale of Office Property in Kearny Mesa

CBRE arranged the sale of 3710 Ruffin Road, an office building in San Diego's submarket of Kearny Mesa. The 20,060-sq.-ft.-building sold for $7.89 million ($393 per sq. ft.) to Cabrillo Credit Union.

CBRE’s Phil Linton and Nick Bonner represented the seller, the Council of Community Clinics, which will lease back a quarter of the building.

"We are pleased to have successfully facilitated the sale of this Class A-level property," said Mr. Linton. "The multiple offers we received indicate the historically strong demand for owner-occupied commercial buildings is continuing into 2023."

The two-story building features solar panels, open ceilings, creative office space, private offices, conference rooms, employee breakrooms and restrooms on each floor. The property was renovated in 2019.

"The Kearny Mesa submarket, where the property is located, has one of the tightest supplies of 20,000 - 40,000-sq.-ft.-office spaces in central San Diego," added Mr. Bonner. "The supply is being diminished by redevelopment for different occupier types."