A two-building office park with nearly 90,000 square feet of space in Kearny Mesa has been sold for $22.8 million, according to a real estate firm.
Lomas Pacific I and II make up the four-acre, multi-tenant campus at 9619 Chesapeake Drive and 9444 Farnham St. San Diego-based M.C. Strauss Company acquired the asset from Brixton Capital.
Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets team in San Diego represented both buyer and seller. Bill Cavanagh, Duncan Dodd, SIOR and Mike Novkov with Cushman & Wakefield also provided leasing advising.
The property is almost 85% leased and anchored by health, engineering and professional services firms.
Reeder, a Cushman & Wakefield executive managing director, said “strong leasing gains made during the pandemic” bolstered the project’s appeal.
Lomas Pacific is comprised of two three-story buildings with upgraded common areas on each floor, such as new restrooms and modern lobbies. The property also features a large, recently re-slurried parking area and substantial street parking.
Tecca said Kearny Mesa demonstrates “ongoing market stability and limited volatility.”
The acquisition adds to M.C. Strauss Company’s local portfolio, as the company acquired Center Point, a 79,215-square-foot multi-tenant campus in Mission Valley earlier this year.
Daniel Weiss, the company’s COO, said, “This acquisition aligns with our goal of expanding locally. Kearny Mesa is a submarket that we’ve been targeting for a long time, so when the project fell out of escrow, we jumped at the opportunity.”