Mosaic

15822 Bernardo Center Drive, San Diego, CA

Acquired in 2019, the redeveloped creative office project, Mosaic, in San Diego, California offers a gathering place for creativity, innovation, and communication in the workplace.  At Mosaic, a diverse range of businesses, individuals and talents intersect to form something greater than their individual parts.  A workplace built for the new world.

  • Acquired a 60,313 SF creative office building in the Rancho Bernardo submarket of San Diego, California, at $14.25M ($236/SF) and 6.38% cap rate in October 2019
  • Exceptionally visible location at the highly trafficked intersection of Bernardo Center Drive and Camino del Norte, with immediate access to the major transportation corridor of Interstate 15
  • Located in one of San Diego’s strongest and fastest-growing submarkets with world-class corporate neighbors such as Apple, HP, Sony, Northrup Grumman and General Atomics
  • Completed comprehensive value-add plan including a bold rebranding initiative with refreshed signage, dynamic murals and enhanced landscaping, coupled with the development of a new spec suite
  • Executed and commenced long-term leases at market rates, representing as high as 28% growth over prior rental rates, on 45,117 SF (72% of total building) to ultimately achieve 100% occupancy by the time of exit
  • Repositioned rent roll with multiple publicly traded corporations, providing enhanced credit support to the investment, and stabilized asset with a weighted average lease term (WALT) of 6+ years at closing
  • Sold the fully leased 62,009 SF property in October 2022 for $27.44M ($455/SF), which translates to a 5.86% cap rate, to a private buyer