An Orange County-based private buyer purchased an office building in Oceanside occupied by the federal government for $6.65 million, officials said Monday.
Located at 2160 S. El Camino Real, the 13,500 square-foot property is fully leased to the government, with a new 15-year lease signed in 2018.
The purchase price translates to $493 per square foot.
The property was built-to-suit in 2004 for the Social Security Administration. It received a full remodel and upgrade in 2018 to meet current General Services Administration (GSA) standards.
The upgrades included a new roof, HVAC system and solar capability.
The building sits two miles from North County’s largest and busiest commercial park, Ocean Ranch Business Park.
Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson and Matt Harris, of CBRE, represented the seller, a local private investor.
“This is an extremely stable asset, largely due to the United States government guaranteeing the lease through 2032,” Pourcho said. “This facility has recently been improved with over $3.4 million in tenant improvements.”
The current vacancy rate for single-tenant office buildings between 7,500 and 20,000 square feet in Oceanside is 1.8%. Rent growth in the Oceanside office market has been 4.1% annually over the past five years.
– Staff reports
>> Subscribe to Times of San Diego’s free daily email newsletter! Click hereFollow Us: