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.
Continue Reading for Free
Register and gain access to:
- 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
© 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.
