800 Gateway

San Diego, CA | 25,000 SF

  • SOLD IN 22 MONTHS AT 25% UNLEVERED IRR / 1.5X MULTIPLE

  • Acquired in 2014 for $3.5M / $140 PSF (70% below replacement)

  • Purchased “off market” at loan basis from sponsor / special servicer

  • Newer vintage construction with above standard parking (5/1,000 SF)

  • Walkable to retail and transit orientation to Sprinter station (North County transit)

  • 50% occupied at time of purchase with long term vacancy

  • Invested in renovation plan and re-branding effort

  • Leased balance of space to Palomar Health at 20% premium to in place rents

  • Sold in 2016 for almost $7M / $280 PSF