CBRE Facilitates Sale of 73,033-SF Office Property in Kearny Mesa for $18.5 Million

CBRE arranged the sale of 4180 Ruffin Road and 9380 Sky Park Court, a 73,033-sq.-ft. office property in San Diego's Kearney Mesa submarket to Solar Turbines, a manufacturer of industrial gas turbines, for $18.5 million.

Matt Pourcho, Matt Harris and Anthony DeLorenzo of CBRE's Private Capital Partners represented the seller, Gleich Real Estate, in the transaction.

Situated on 3.64-acres, the property includes two separate buildings connected by a lobby. The two-story buildings were built in 1986 and have recently undergone a renovation. Solar Turbines currently occupies four large suites within the buildings and operates out of three other buildings nearby.

"We received over a dozen offers and had quite a competitive bidding process despite rising interest rates,” said CBRE's Pourcho. "Kearney Mesa is a thriving location with substantial growth in the future, and this property will provide the buyer with a prime corner location."

The property is located on the Northwest corner of Ruffin Road and Sky Park Court, minutes from Interstate 15. The property is at the entrance of Sky Park Court, home to prominent technology and defense companies.

Kearney Mesa continues to be a destination for office tenants in the market. In the third quarter of 2022, Central San Diego recorded a 10.4 percent office vacancy, 274,926 sq. ft. of negative net absorption, and asking lease rates at $3.40.