ING Clarion Partners has announced that it has acquired the Plaza Del Mar III in the Del Mar Heights submarket of San Diego for approx. €44 million ($61.6 million). The purchase of the four-story, 114,166-ft² Class-A office property was made on behalf of a commingled fund managed by the firm.
The Del Mar Heights submarket is home to many of the most prestigious office properties and tenants in San Diego, with outstanding access to freeways, upscale executive housing, and abundant retail amenities.
Located at 12544 High Bluff Drive, Plaza Del Mar fronts El Camino Real, the major thoroughfare in the region, and also provides easy access to the Interstate-5 freeway. Surrounding affluent communities include Del Mar, Carmel Valley, Rancho Santa Fe, and Solana Beach.
The property is currently 100% leased to a diversified roster of blue chip tenants including: Baker & McKenzie, Watson Wyatt, Prudential, and GMAC.
"The demand for office space in Del Mar Heights is very strong, the vacancy rate is very low, and the market is very supply constrained. As a result, Class A office properties are able to command premiere rents," said Richard Pink, Managing Director at ING Clarion. "We are pleased to have the opportunity to acquire such an outstanding building on behalf of our clients."
Burnham Real Estate acted as the broker in the transaction, and will continue to manage the building.
Source: ING Real Estate