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Oceanside Office-Medical Complex Sold for $14.9M

Private Investor Acquires Two-Building Pacific Gateway Towers
February 26, 2018
An affiliate of Fenway Properties sold the two-building Pacific Gateway Towers office and medical campus in Oceanside, CA, to a private investor for $14.94 million, or about $215 per square foot.

The property spans a total of 68,748 square feet of commercial space built in 1984 on 5.2 acres at 3142 and 3156 Vista Way.

The property consists of four-story buildings that were purchased in August 2014 by Fenway for $6.85 million, according to CoStar data. The property was known at that time as Tri-City Towers and subsequently rebranded by Fenway.
See CoStar COMPS #3098178.

Brokers at Cushman & Wakefield said the property at the time of the 2014 deal was approximately 57 percent leased. Fenway completed significant renovations during 2015 and 2016 to reposition the property, and brought it up to almost 96 percent leased.

Nick Totah of Marcus & Millichap represented the buyer in the latest sale. Mark Avilla, Rick Reeder and Brad Tecca of Cushman &Wakefield represented the seller.

Matty Sundberg and Bob Cowan of Cushman & Wakefield also performed market advisory services and, with Avilla, previously represented the buyer and seller in the 2014 sale and subsequent lease-up.

Please see CoStar COMPS #4144916 for more information on this latest transaction.

Lou Hirsh, San Diego Market Reporter  CoStar Group   

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