Del Mar Office Asset Fetches $453 Per SF

DEL MAR, CA-A Del Mar office facility traded hands for approximately $453 per sf, as buyer Ocean 8 View LLC c/o Levine Management shelled out more than $3.1 million for the property. Located at 322 8th St., the 6,900-sf building features ocean views and covered parking. It was about 40% occupied at the time of sale by securities firm WJM Associates, according to Michael Dyer of Burnham Real Estate Oncor International. Dyer, along with Burnham colleagues Stephanie Schaefer and Daniel Tate, acted on behalf of seller CDJ Properties LLC. Ocean 8 View LLC was represented by Peter Curry of Grubb & Ellis/BRE.CDJ Properties had owned the circa 1988 property since 1993, having acquired it as an owner/user. Dyer tells GlobeSt.com that CDJ Properties’ software development firm Advanced Information Services was occupying the property until 1998, when the company was sold off and vacated the facility. CDJ Properties then leased the space out to other firms, but was approached by Ocean View 8 LLC with an unsolicited offer to buy the property. According to Dyer, an insurance company headed up by the new owner’s son plans to take space in the building. He notes that “there is demand for owner/user buildings in Del Mar and very little supply.”