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CIF Group Pays $19.8M for San Diego Office Campus

Cypress Office Properties, HighBrook Investors Sell 95,000-SF 35 North
September 11, 2018
A 31,873-square-foot office building at the 35 North office campus in San Diego.

Long Beach, California-based CIF Group purchased a three-building office campus totaling 94,701 square feet in San Diego from a joint venture between Cypress Office Properties and New York-based HighBrook Investors. 35 North sold for $19.75 million, or about $209 per square foot.

The three-story structures at 3530-3570 Camino Del Rio N. were built in 1981 and renovated in 2017. The Class B buildings span north of four acres less than three miles from San Diego State University.

“35 North was more than 85 percent leased to a highly-diversified collection of nearly 30 companies with no tenant occupying more than 15.5 percent of the property, providing strong in-place income and fixed annual rate increases for a consistent rise in cash flow,” said Brad Tecca, executive director at Cushman & Wakefield, in a statement.

Tecca, along with Rick Reeder and Derek Hulse at Cushman & Wakefield, represented the sellers, which originally purchased the property in June 2016 for $14.5 million, or approximately $153 per square foot, CoStar data shows.

Please refer to CoStar COMP #4506258 for additional information regarding this transaction.

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