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$17.6M Buys Carmel Corporate Plaza

SAN DIEGO-Harsch Investment Properties tucks another San Diego property into its growing portfolio, with the acquisition of Carmel Corporate Plaza. The purchase marks the second office property that Harsch has added to its San Diego holdings, which now encompass more than 1 million sf.

By Erin Cassin | Updated on September 12, 2003

SAN DIEGO-Harsch Investment Properties has added another San Diego property to its expanding portfolio, having recently picked up the 86,639-sf Carmel Corporate Plaza from The Shidler Group for $17.6 million.

Constructed and sold in 1998 for $14 million, the office asset was acquired by The Shidler Group and its joint venture partner The Praedium Group LLC just last year for only $11 million. Previous owner Hibiscus LLC sold the property to the JV at a reduced rate because the building’s sole tenant at the time of sale, Cadence Design Systems, had announced that it would relocate its regional headquarters out of the building in June of 2003. At the time of the 2002 sale, Matt Root of The Shidler Group said he expected the value of the asset to grow with the addition of new tenants to the property, as Cadence had been paying a below-market rent.

During its ownership period, The Shidler Group and The Praedium Group landed St. Bernard Software and PDF Solutions Inc. as tenants at Carmel Corporate Plaza for a total of 65,800 sf. Cadence also elected to remain in the facility, although it downsized its space to 10,124 sf. At the time of sale, the office asset was 100% occupied.

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