CHULA VISTA, CA-GlobeSt.com has learned exclusively that Third Avenue Plaza LLC has sold the government office building at 765 Third Ave. here for $11.4 million to a Los Angeles-based private investor. The sales price for the 42,290-square-foot building equates to $270 per square foot.
Marcus & Millichap agents Pasha Darvishian, Dennis Weisberg, Peter Deltondo and Alex Mobin—all in the firm’s Newport Beach, CA, office, represented the seller. Albert Le, a senior associate in M&M’s Ontario, CA, office, and Anthony Le, a senior associate in M&M’s Los Angeles office, represented the buyer.
James V. Pieri Sr. of Mountain West Real Estate assisted in the sale; the firm will manage the asset for the new owner.
“The property is a stable, government-credit asset located in a tightening Southern California submarket that has a lack of comparable office space,” said Darvishian in a prepared statement.
The building, located near the Superior Court building, city hall and the police department, is a four-story, suspended-glass-exterior building that was completed in 1990. The Public Defender’s Office of San Diego County occupies 35% of the property, and the Department of Corrections and Rehabilitation of Chula Vista parole office complex occupies approximately 65%; both tenants have been in the building since 1990.
Chula Vista is becoming a growing area of interest for the commercial real estate industry. As GlobeSt.com previously reported, some local leaders have touted the benefits of the proposed expansion to the San Diego Convention Center. However, during an Urban Land Institute San Diego/Tijuana District Council breakfast presentation here in June, Marney Cox, chief economist for the San Diego Association of Governments, cautioned that convention attendance may be declining over time and that San Diego should be looking toward “grabbing a bigger piece of the pie.” Cox suggested that instead of a fourth building, a better future plan might be to develop someplace else on the bay—like Chula Vista—and then link the use of the two projects.