Bridgeway Real Estate Partners, together with LBX Investments, has acquired Plaza Del Mar, a multi-building office campus in San Diego’s Del Mar Heights submarket, for $43 million. The property totals approximately 120,000 square feet and is located at 12520 and 12526 High Bluff Drive, a corridor that has experienced notable rent growth in recent years, according to research from CBRE.
The acquisition gives the partnership control of a coastal office asset in one of San Diego’s most active submarkets for office leasing. Del Mar Heights is described by CBRE as the most vibrant office submarket in the city, with recent performance characterized by strong leasing volumes and rent levels that reflect sustained tenant demand.
Acquisition financing for Plaza Del Mar was secured by CBRE’s Debt and Structured Finance team based in San Diego. The financing assignment was led by Scott Peterson, Mark McGovern, Colby Matzke and Michael Kolcum, who arranged the debt on behalf of the new ownership group. Specific loan terms and the lender were not disclosed.
On the leasing side, CBRE has also been retained to handle marketing and tenanting for the campus. The leasing team consists of Mike Hoeck, Chris Pascale and Ellycia Walker, who will be responsible for driving occupancy and rental performance at the property under the new ownership.
CBRE reports that office assets along High Bluff Drive have seen significant rent increases over the past several years, underscoring the corridor’s appeal to tenants seeking modern space in a coastal setting. That performance trend has helped reinforce Del Mar Heights’ positioning within the broader San Diego office market.
“Del Mar Heights continues to stand out as the most vibrant office submarket in San Diego, with strong leasing activity and rent performance that reflects its appeal,” said Walker in a statement. She added that Plaza Del Mar is positioned to compete effectively in this environment because it offers a combination of premium office space and a coastal lifestyle that many tenants prefer.
The transaction highlights ongoing investor and lender interest in well-located coastal office product in submarkets that have demonstrated rent growth and consistent leasing activity. With new sponsorship and dedicated leasing representation in place, Plaza Del Mar is set to participate in the continued evolution of the Del Mar Heights office corridor.
