CBRE Facilitates Sale of Fully Leased Office Building in Rancho Bernardo’s Tech Park for $8 Million
CBRE recently arranged the sale of a 25,475-square-foot office building located at 17075 Camino San Bernardo in Rancho Bernardo’s Tech Park. The property was sold to Dominguez Channel LLC, an overseas private buyer undergoing a 1031 exchange, for $314 per square foot.
Matt Pourcho, Anthony DeLorenzo and Matt Harris from CBRE Investment Properties team represented the seller based in San Diego. George Rehab represented Dominguez Channel LLC.
According to Pourcho, there is high demand from private buyers looking for properties through 1031 exchanges. He also mentioned that despite current market conditions, this particular buyer purchased the property without seeing it and achieved a cap rate of 5.8%. This transaction highlights that there is still activity in the office market and opportunities available for those seeking to invest through these exchanges.
The article “Rancho Bernardo Offices Trade to Overseas Buyer” originally appeared on Connect CRE.
