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Newmark Grubb Knight Frank (NGKF) has completed the $2.53 million sale of a two-story, 18,472-square-foot R&D/biotech property in the Miramar submarket of San Diego, California. Built in 1990 and situated on .22 acres of land, the property is located at 6605 Nancy Ridge Drive.
Brent Bohlken, senior managing director, and Paul Britvar, associate, from NGKF’s La Jolla office, completed the transaction on behalf of the seller, Torrey Pines ANA, LLC. The buyer, Calame Development, Inc., was represented by Capital Growth Properties.
“The buyer plans to occupy a portion of the building for its company, Compass Dermatopathology, a service provider to dermatologists. The space will be used for its administrative offices and lab work, with plans to grow into additional space in the future,” said Bohlken.
“NGKF marketed the property to the primary, secondary and tertiary markets, with a focus on local Southern California users and investors,” noted Britvar. “With strong interest from both categories, we secured a qualified buyer who was financed with an SBA loan, and closed escrow sooner than anticipated.”
Miramar, situated in the Central San Diego submarket, has been a top-performer over the past 12 months with average vacancy across all product types, dipping well past historical averages to an all-time low. Due to supply constraints, minimal new development and continued interest by national and international companies to have a presence in San Diego, rent growth and property value have been on the incline and are expected to continue.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.