A commercial real estate firm arranged the sale of a 17,238-square-foot office building in Sorrento Mesa to a private investor for $5.25 million, officials said.
Matt Pourcho, Anthony DeLorenzo, Matt Harris and Scott Kincaid of CBRE represented the seller, a San Diego-based private investor. The unnamed buyer was represented by CBRE’s Ted Jacobs, Hunter Rowe and Matt Carlson.
Located at 5752 Oberlin Drive, the two-story office building was built in 1982 and sits on .95 acre. The previous owners improved the building’s interior, and the exterior features wood-framed walls, glass doors and windows. The property includes 49 paved parking spaces and standard landscaping.
Pourcho described the buyer as “a high-net-worth local investor who intend(s) to occupy a small portion of the building.” The sellers received nine offers on the property.
Situated off Mira Mesa Boulevard, the building is in middle of San Diego’s fastest-growing hub for tech and life sciences companies. In the past few years, Sorrento Mesa has recorded significant growth, with Oberlin home to some of the market’s life-sciences conversions and repositions.
Central San Diego continues to be the preferred location for office tenants in the market, aligning with national trends of suburban office submarkets recovering faster than downtowns, according to CBRE Research.
In the second quarter of 2022, central San Diego’s office vacancies fell to 10.4%, with asking lease rates at $3.37.