Real estate firm Gildred Development Company has purchased the five-building Rancho Santa Fe Professional Center for $19.5 million.
The Huntington Hotel Company, out of Irving, Texas sold the center to the downtown San Diego firm. The price works out to $1,045 per square foot.
Located at 6002-6 El Tordo, 5951 La Sendita and 17008 Avenida De Acacias, the site includes four office/medical buildings and one retail building.
The 18,663 square-foot property was built in phases from 1975 to 1990. Two of the buildings have been fully leased since the project was originally constructed, while the other two buildings have averaged 99% occupancy.
The center’s parking lot, partially subterranean, also provided the largest parking ratio in downtown Rancho Santa Fe.
The property, said senior vice president Matt Pourcho of CBRE, which represented the seller “provided a once-in-a-generation investment opportunity to acquire prime assets in prestigious Rancho Santa Fe. This asset is the best among Rancho Santa Fe’s limited inventory of commercial assets. The submarket has high barriers to entry and low vacancy.”
Anthony DeLorenzo, Gary Stache and Bryan Johnson joined Pourcho in making the deal. Joe Bernstein and Joe Anderson of JLL represented the buyer.