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Cal-Sorrento Pays $17.9M for Multi-Tenant Office Asset

Palisades Property Trust Sells Office Building
May 22, 2018
Cal-Sorrento LTD, a San Diego-based firm, acquired the two-story office building in San Diego, CA from Palisades Property Trust for $17.9 million, or about $295 per square foot.

The office building was delivered in 1989 and was renovated in 2016. Renovations included renovated lobbies, common areas and entryways.

It totals 60,790 square feet and is just 15 minutes inland from the Pacific Ocean. The building was fully occupied at the time of the sale.

Jeffrey Cole, Rick Reeder, Ed Hernandez, Brad Tecca and Nico Napolitano of Cushman & Wakefield represented the seller. The buyer handled the sale in-house.

Please see CoStar COMPS #4264307 for more information on this transaction.
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