San Diego Business Journal

Local Firm Buys Office Complex for $34M

Wednesday, January 25, 2012

Cruzan Monroe has purchased Plaza Del Mar, a 117,000-square-foot office campus in the Del Mar Heights area, for $34 million.

The sellers were Plaza Holdings Inc. and KDH U.S. Realty Holdings LLC, according to a Jan. 23 statement from brokerage firm Cushman & Wakefield, which represented the buyer.

The campus is at 12520 and 12526 High Bluff Drive, south of Del Mar Heights Road near Interstate 5. It is 73 percent leased.

Pete Spencer, a partner with Cruzan Monroe, said the property was an attractive addition to the San Diego-based real estate investment firm’s portfolio, in part for its location near Del Mar, I-5 and state Route 56.

Eric Northbrook, an executive director with Cushman & Wakefield, said the Plaza Del Mar sale, and other recent office transactions, signifies “renewing interest” among investors in well-located properties.

Well-located offices are expected to see demand rise as the economy stabilizes, corporate confidence gradually returns, and companies look to lock in space at still-competitive rates, Northbrook said.

— Lou Hirsh