690 Otay Lakes in Chula Vista. Photo credit: Courtesy, CBRE
A 28,700-square-foot office and medical building in Chula Vista has been sold to an out-of-town private investor for $8.8 million, a real estate services firm announced.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Matt Harris, Chris Williams and Ramin Salehi represented the seller, Coseo Properties Inc.
Non-local investors have shown”phenomenal interest” in office properties, Pourcho said. The seller received nine offers on the two-story building, at 690 Otay Lakes Road.
Built in 1979 and renovated twice, in 2016 and 2021, the building features updated common areas, a landscaped entryway and suites ranging from 818 to 4,380 square feet. It sits on a lot of almost three acres with 154 parking spaces.
The building was fully occupied at the time of sale by six tenants – New American Funding, Life Residential, Eastlake Rejuvenation and Wellness Center, Excel Speech Therapy Center, Boursa Investments and Edward Jones.
The property, between Interstate 805 and state Route 125, also is adjacent to a 125,000-square-foot retail center with a variety of restaurants and national retailers.
Office vacancy rates in south San Diego County decreased to 4.3% in the second quarter of 2022, according to CBRE Research. The submarket also had an asking lease rate at $2.84 per square foot.