Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RANCHO BERNARDO, CA-As part of a 1031 Exchange transaction, Sunroad Centrum has acquired a Rancho Bernardo office asset from R.B. Phoenix Associates LLC in an all-cash deal valued at $12.4 million.

The property, known as the Rancho Bernardo Financial Plaza, stands on a 3-acre parcel located at 11770 Bernardo Plaza Court. Encompassing 71,255 sf, the three-story asset was 71% occupied at the time of sale. This figure is consistent with Rancho Bernardo’s office vacancy factor of 26% for third quarter 2003, according to Andrew Meyers, the BRE Commercial/NAI broker who worked on the deal.

Meyers, who is based in BRE Commercial/NAI’s UTC office, represented both Sunroad Centrum and R.B. Phoenix (with Frank Thorpe as managing member)in the recent transaction.

R.B. Phoenix originally purchased Rancho Bernardo Financial Plaza from Mass Mutual in December 2000 for $10.8 million. At the time, the asset was 94% leased. Although the occupancy level at the property now stands at 71%, this figure is an improvement over three months ago, when the project was only 64% leased. Its leasing is rebounding along with the market, according to Meyers. Major tenants here include Children’s Hospital, Shell Oil Company, Philip Morris USA and World Savings Bank.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.