Bridgeway Real Estate Partners, in partnership with LBX Investments, has acquired Plaza Del Mar, a 120,000-square-foot office campus located at 12520 and 12526 High Bluff Dr. in the Del Mar Heights submarket of San Diego, for $43 million.
Scott Peterson, Mark McGovern, Colby Matzke and Michael Kolcum of CBRE’s Debt and Structured Finance practice in San Diego secured the acquisition financing on behalf of the new owners. CBRE’s Mike Hoeck, Chris Pascale and Ellycia Walker will lease the property.
Properties along High Bluff Drive have seen significant rent increases in recent years, according to CBRE research. “Del Mar Heights continues to stand out as the most vibrant office submarket in San Diego, with strong leasing activity and rent performance that reflects its appeal,” said Walker. “Plaza Del Mar is poised to perform well as it delivers that rare balance of premium space with the coastal lifestyle many tenants gravitate towards.”
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