Del Mar Heights’ DMcp Office project sold for $43 million
DMcp, a 74,402 square feet, newly-renovated office project in Del Mar Heights, was recently sold to Denver-based EverWest Real Estate Partners, LLC for $43 million.
The seller was an affiliate of Southern California-based Cruzan, which had recently completed $4.4 million in capital improvements to the property prior to the sale. Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets in San Diego represented the seller in the disposition.
“DMcp presented a rare, once in a cycle opportunity for an investor to acquire a best-in-class and fully renovated multi-tenant office project set in one of the most prominent and desirable coastal business and residential communities in Southern California,” said Reeder, executive managing director. “Transitioned to match the evolved workplace environment, DMcp’s rapid acceleration to top tier status as a cutting edge environment within the Del Mar Heights submarket has elevated its ability to achieve above market performance.”
Located at 12651 and 12671 High Bluff Drive and situated on 3.5 acres, DMcp consists of two three-story buildings that offer a casual corporate business setting with an effective blend of traditional and creative characteristics. The property was designed to accommodate a vast array of traditional and creative office users and was approximately 75 percent leased at the time of sale.
In 2017, Cruzan completed extensive common area improvements including a newly renovated two-story atrium lobby, high-end interior finishes and new flooring, a newly renovated, best in class indoor/outdoor fitness center and locker facilities, and fully built-out new generation spec suites.The exterior façade also received some enhancements.
According to Cushman & Wakefield’s latest market report, Del Mar Heights has proven to be one of San Diego’s leading office growth submarkets in 2018 with over 50,000 sf of net absorption through midyear.
— Submitted news release