San Diego Office The Pinnacle Trades Hands

A partnership between Ascentris and Harbor Associates has sold The Pinnacle, a 110,000-square-foot class-A office building in the San Diego suburb of Rancho Bernardo. The sales price of the property was not disclosed.

Ascentris and Harbor Associates sold the property after completing a value-add business plan. The duo purchased the property in 2018 and made capital improvements, including upgrades to the outdoor common area patio, the lobby, the showers and locker rooms, and the addition of electric vehicle charging stations. The improvements helped drive the building occupancy from 84% at the time of the purchase to 98% at the time of the sale. In addition, the ownership increased rental rates by 20%. The leasing activity prompted the owners to sell the asset.