SAN DIEGO, Calif., – December 27, 2016 – Cushman & Wakefield announced today that Gramercy Property Trust has completed the sale of a 132,695 square foot office/flex corporate campus situated on 9.57 acres in Kearny Mesa (San Diego), Calif. Gramercy sold the four-building complex to a private family trust. The property is 100 percent leased to Cobham Advanced Electronic Solutions, which recently signed a new long-term lease that includes major capital improvements underway throughout the entire campus.
Investment sales specialists Jeffrey Cole, Jeff Chiate, Ed Hernandez and Bryce Aberg with Cushman & Wakefield’s Irvine and San Diego offices collaborated to represent the seller in the transaction, with Brant Aberg of the firm’s San Diego office providing local market advisory.
Mr. Cole, a Managing Executive Director with Cushman & Wakefield’s Capital Markets, said, “This is a tremendous single-tenant investment property situated in one of the region’s most desirable markets and fully leased to one of the oldest and most well respected companies in its industry, providing stable and secure long-term cash flow. Further, Central San Diego has extremely high barriers to entry in that this market is essentially built-out and land costs are significantly higher than in the secondary markets, which greatly benefits landlords here in many ways.”
He noted, “We continue to see hot demand from investors up and down the Southern California coast for quality commercial real estate property and where market fundamentals remain strong.”
Located at 9404 Chesapeake Drive and 5775, 5785 & 5788 Roscoe Court, the Cobham Campus consists of four single and multi-story buildings, each totaling between 30,500 and 38,000 square feet. The campus is positioned at the intersection of State Route 52 and Interstate 15 providing ideal freeway access and also sits within close proximity to a large and expanding amenity base in addition to both executive and workforce housing. Developed between1983-1985, the campus was constructed to accommodate the region’s expanding office/flex tenant base in Kearny Mesa that includes many of San Diego’s leading and largest defense users that command large blocks of space and functional layout in a first class business environment.
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