SAN DIEGO—Irvine Co. Office Properties has purchased Gateway at Torrey Hills, a class-A, two-building, 198,000-square-foot office campus in the Del Mar Heights submarket. As we reported in September 2017, the company purchased the nearby two-building, 127,000-square-foot office project named Township 14—its first acquisition in the submarket.
Rick Reeder and Brad Tecca of Cushman and Wakefield's capital-markets group represented the seller in the transaction. C&W reports that the sale price was $105 million and that the seller was an institutional real estate investor. In addition, C&W leasing specialists Brian Starck and Joe Anderson of the same office performed market advisory services.
Real Capital Analytics reports that PGIM Real Estate purchased the property, located at 3580 Carmel Mountain Rd., from developer Cisterra Partners in June 2009 for $77.1 million; the property was completed in 2008. The website does not report a sale of the property since that purchase.
The four-story buildings in the project feature stone-and-glass facades, flexible floor plates, modern interior features and on-site parking. Other amenities include a fully equipped fitness center with locker room and showers, art installations, multiple patios and outdoor workspaces. Irvine Co. plans to add and enhance the outdoor workspaces while offering customers “premium on-site and on-demand services,” according to a prepared statement.
GlobeSt.com was unable to reach the Irvine Co. before deadline for further elaboration on its plans for the property and confirmation of the purchase price, although the firm is known for its long-term hold strategy.
Tenants in the space include BDO USA, Mindbody Inc. and law firm Mintz, Levin, Cohn, Ferris, Glovsky and Popeo PC.
“Our decision to acquire Gateway at Torrey Hills is another sign of our long-term faith in San Diego as a nationally recognized center of innovation,” said Doug Holte, president of Irvine Co. Office Properties, in the statement. “Irvine Co.'s focus on delivering vibrant workplace communities aligns well with Del Mar Heights' remarkable combination of attractive housing, recreation, retail, transportation, as well as access to workforce talent and leading businesses.”
As we reported in October 2017, John Turner, Irvine Co. Office Properties' regional VP, told us that in San Diego—as in all its markets—continuously researches and talks to local companies, civic leaders and innovators with the goal of offering a world-class, customized experience. The firm is bullish on the UTC market here as well as several other submarkets.
Irvine Co. currently owns six class-A towers in Downtown San Diego: One America Plaza, 101 W. Broadway, 225 Broadway, 501 W. Broadway, Symphony Towers and Wells Fargo Plaza. It also owns and operates La Jolla Gateway, the Plaza, La Jolla Square, One La Jolla Center and several other projects in the La Jolla UTC, Sorrento Mesa and Mission Valley submarkets.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
