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Corporate Plaza II Sells for Nearly $36M

SAN DIEGO-CarrAmerica Realty Corp. adds the asset to its burgeoning Southland office portfolio, which is currently comprised of 64 facilities that encompass 4.1 million sf combined.

By Erin Cassin | Updated on September 08, 2004

SAN DIEGO-In a move to expand its Southland presence, CarrAmerica Realty Corp. of Washington, DC has acquired the Corporate Plaza II office asset in a deal worth $35.6 million.”There’s so much capital chasing very few high-quality assets, so we really want to choose acquisitions that make a lot of sense for us, both strategically and how it relates to individual properties,” Malcolm O’Donnell, CarrAmerica’s managing director for Southern California, tells GlobeSt.com. He says his firm is impressed by the location of Corporate Plaza II in the Del Mar Heights submarket of San Diego. “The dynamics and fundamentals in that submarket continue to improve and we believe, long-term, will make an excellent investment,” O’Donnell explains.Located at 12626 and 12636 High Bluff Dr. in Del Mar Heights, Corporate Plaza II is a two-building, low-rise office complex that encompasses a total of 116,166 sf. Currently 77% leased, it counts Latham & Watkins and Pardee Homes as two of its largest tenants. Grubb & Ellis/BRE Commercial is currently handling leasing at the property, which is expected to attract professional service firms to its tenant roster. “The tenants in this market tend to be professional service firms, such as law firms, small investment banks and financial services,” O’Donnell says.O’Donnell and CarrAmerica colleague Kevin Stiles acted on behalf of the buyer in its Corporate Plaza II acquisition. With its recent purchase now completed, CarrAmerica owns nine buildings on High Bluff Drive in Del Mar, which company officials say represents 10% of the submarket.

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