Pacific Republic Mortgage Corp. has rolled out plans for a San Diego County expansion, leasing 5,221 sf within Chancellor Park near University Town Center. The property in the four-year lease valued at nearly $1 million is located at 4510-4520 Executive Drive.
Tony Villasenor of BRE Commercial / NAI's San Diego office represented Pacific Republic Mortgage Corporation in the transaction to open the company's first office in San Diego County. Villasenor is actively seeking branches in other areas of San Diego to accommodate the company's expansion plans into this market.
Pacific Republic originates mortgage loans through its network of branches throughout the Western United States. Mark Wayne of Burnham Real Estate Services represented the lessor, Crescent Chancellor Park LLC.
In the sales transaction, Bieri/Avis VI LTD bought a 21,400 sf freestanding office building from ESU Partners in a $3 million deal. The building is located at 10065 Old Grove Road. The building's single tenant, NuVasive Inc., develops and manufactures laproscopic devices for spinal surgery.
The North County office market, which reached a vacancy factor as high as 27% in the first quarter, is on the fast road to recovery, according to the mid-year office report by Insignia/ESG Inc. Availability dropped by 200,000 sf in the second quarter, bring the vacancy rate to well below 20% at mid year.
Firms have generally been shying away from the pricier UTC and Del Mar markets and opting for the abundance of sublease space created by companies withdrawing from those markets, according to the Insignia/ESG report.
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