Davlyn Buys 66,000-SF REO Office as HQ for $16M

SAN DIEGO-Davlyn Investments has acquired a 66,010-square-foot REO office building at 12625 High Bluff Dr. in the Del Mar Heights submarket for $15.6 million and will relocate its headquarters from Mission Valley to the newly acquired building, according to Cushman & Wakefield. The new Davlyn headquarters, known as the Hacienda Del Mar building, will be the fourth office property owned by Davlyn in Southern California.

According to Michael Roberts of Cushman & Wakefield’s Capital Markets Group, the sale of the 12625 High Bluff Dr. property “represents the beginning of a trend in San Diego County toward larger, highly sought-after, REO commercial real estate sales.” He says the sale, “is a signal the process of foreclosures to REO sales is under way locally.”

Davlyn acquired the property from Chinatrust Bank, which was represented by Roberts along with Cushman & Wakefield’s Steve Rowland, Eric Northbrook and Chris High. Davlyn Investments represented itself, and lending was arranged by Annalena Thompson of Torrey Pines Bank.