**Providence Real Estate Group Acquires Rancho Bernardo Office Building for $8.8M**
CBRE Executive Vice President Matt Pourcho has brokered the $8.8 million acquisition of the Bernardo Regency Centre, a 48,027-square-foot office building located in San Diego. The transaction saw Pourcho representing the buyer, Providence Real Estate Group, while the seller, Omninet Capital of Beverly Hills, represented itself.
“This was a unique opportunity for Providence Real Estate Group to purchase a well-leased building to occupy while generating strong cash flow from existing tenants,” said Pourcho. “Office buildings offer valuable tax benefits through cost segregation and depreciation, more so than other product types.”
Bernardo Regency Centre is a three-story property situated within the Rancho Bernardo Business Park at 11545 W. Bernardo Court. The location is adjacent to the 4S Ranch master-planned community and benefits from proximity to a host of retail amenities as well as the regional offices of major corporations such as Apple and Petco.
