CBRE Brokers $21.5 Million Sale of Mission Valley Office Building

CBRE arranged the sale of 3838 Camino Del Rio North, a 94,612-sq.-ft. newly renovated office building in San Diego's submarket of Mission Valley to Bitwise at State Center, an out-of-town 1031 exchange buyer.

Matt Pourcho and Anthony DeLorenzo of CBRE's Private Capital Partners, as well as Louay Alsadek from Colliers, represented the Seller, Camino DRN Owner LLC, in the transaction.

The three-story property is situated on 5.81-acres and consists of over 30 office suites ranging in size from 550 sq.-ft. to 13,000 sq.-ft., 337 underground parking spots and a two-story atrium lobby. The building was built in 1981 and is currently at 92% occupancy.

"We witnessed significant demand from the 1031 private capital buyer pool and ultimately sold to a non-local 1031 private buyer," said CBRE's Pourcho. "Despite rising interest rates, the office sector offers tremendous positive leverage not seen in other product types. This great purchase fits nicely into the buyer's portfolio."

The property is located just North of Interstate 8 and West of Interstate 15 and has walkable access to other means of transportation. The building additionally sites to the South of San Diego State University's Mission Valley campus and Snapdragon Stadium.