Cruzan Acquires Del Mar Corporate Plaza from Coast Income Properties
DTZ Represents Seller and Buyer in $29M+ Transaction
SAN DIEGO, – June 23, 2015 – (RealEstateRama) — DTZ, a global leader in commercial real estate services, announced today the sale of the Del Mar Corporate Plaza by Coast Income Properties to Cruzan for $29.4 million.
DTZ’s San Diego Capital Markets team of Rick Reeder, Brad Tecca, Gary Goss and Ben Schwartz represented both Cruzan and Coast Income Properties. The San Diego Capital Markets team has facilitated more than $250 million in sales in the submarket since 2012.
“We’ve actively worked in the Del Mar Highlands for the past 20 years and see the demand for office buildings in the area only increasing,” said Mr. Tecca. “The region is widely considered to be San Diego’s premier submarket. Our ability to leverage our global debt and financing resources for buyers enables us to put together mutually beneficial deals regardless of the complexity. We’re proud to have done so here for Cruzan and Coast Income Properties.”
Del Mar Corporate Plaza consists of two Class A, three-story multi-tenant office buildings clad in reflective glass with modern interior finishes and two-story atrium lobby entries. The structures, which total 73,500 square feet, offer tenants flexible floor plates of varying sizes, abundant parking and expansive views. Del Mar Corporate Plaza is strategically located within walking distance to the Del Mar Highlands Town Center and the proposed One Paso village center, and it is one mile from Interstate 5. Del Mar Corporate Plaza is more than 93% leased to finance, real estate, law and defense tenants, creating a favorable financial profile with stable cash flow over the near term.
“Our dominance in this market allowed us to present key submarket drivers and a unique perspective of how the Del Mar Corporate Plaza fits into this market,” said Reeder. “The opportunity for an investor to acquire such a value-added real estate asset is rare in this area, and we received numerous offers from both domestic and foreign entities.”
DTZ will continue leasing Del Mar Corporate Plaza, bringing the total amount under the firm’s purview in the Del Mar Highlands submarket to more than 2 million.
About DTZ
DTZ is a global leader in commercial real estate services providing occupiers, tenants and investors around the world with a full spectrum of property solutions. The company’s core capabilities include agency leasing, tenant representation, corporate and global occupier services, property management, facilities management, facility services, capital markets, investment and asset management, valuation, research, consulting, and project and development management. DTZ provides property management for 1.9 billion square feet, or 171 million square meters, and facilities management for 1.3 billion square feet, or 124 million square meters. The company completed $63 billion in transaction volume globally in 2014 on behalf of institutional, corporate, government and private clients. Headquartered in Chicago, DTZ has more than 28,000 employees who operate across more than 260 offices in 50 countries and represent the company’s culture of excellence, client advocacy, integrity and collaboration.
DTZ announced an agreement to merge with Cushman & Wakefield in a May 11 press release. The new company, which will operate under the Cushman & Wakefield brand, will have revenues over $5.5 billion, over 43,000 employees and will manage more than 4 billion square feet globally on behalf of institutional, corporate and private clients. The agreement is subject to customary closing conditions and is expected to close before the end of 2015. For further information, visit: www.dtz.com or follow us on Twitter @DTZ.
