SAN DIEGO, CA (May 10, 2021) — A multitenant office building sold for $4.255 million on April 27, 2021 in the heart of Kearny Mesa, San Diego’s hottest submarket.
The 21,914-square-foot building is located at 4858 Mercury Street in San Diego. It is a two-story, Class B property with subterranean parking. The building is currently 90% occupied with existing tenants, providing an attractive income opportunity.
The buyer, Starfall Education Foundation, purchased the property all cash and intends on occupying a small portion. The seller was El-Jo Styles, Inc. CAA Principals Mike Conger and Brian Jenkins represented both the buyer and seller.
CAA has represented multiple buyers and sellers in 1031 exchanges this year, demonstrating the firm’s ability to maximize investment property values and navigate these more-complex commercial real estate transactions.
“Despite a lot of uncertainty around the environment for office space, we were able to identify a uniquely qualified, all-cash buyer through a competitive process and achieve a great price for the seller and certainty of close,” said Conger. “The buyer will be able to enjoy capital gains deferment through a 1031 exchange and transition into a more stable product type while achieving similar cash flow for his estate.”
About Commercial Asset Advisors
Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,400 sale and lease transactions totaling over $500 million in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.