Newmark Capital Markets has announced the sale of Sunroad Corporate Center, an iconic three-building 302,289-square-foot office property in San Diego. The property is situated in the heart of the University Town Center (UTC), San Diego’s preeminent Class A office environment and one of California’s top-performing coastal submarkets.
Newmark Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Brunson Howard, Paul Jones and Ken White, and Senior Managing Director Rick Stumm represented the seller, Sunroad Enterprises who has owned the asset since it was developed in 2001. The buyer, The Irvine Company, was self-represented.
“This is a rare generational trophy asset,” said Brunson Howard. “With an occupancy of 78 percent, there is immediate opportunity to add value with additional leasing activity and by pushing rents with more renovations.”
Shannon added, “UTC is one of the top-performing submarkets in Southern California with an 8.1 percent overall vacancy rate and a huge barriers to entry story. The UTC submarket has significant tenant demand for Class A office space and this unique campus environment was very appealing to The Irvine Company.”
Situated on 8.06 acres at 4401, 4435 and 4445 Eastgate Mall, Sunroad Corporate Center comprises three, four-story state-of-the art buildings. The property offers a new fitness facility and the buildings are joined together by an outdoor environment complete with a newly constructed pavilion which includes a unique “floating” café and lounge and modern water features. Each building has its own subterranean, elevator-served executive parking facility as well as ample surface parking and a standalone parking structure.
Sunroad Corporate Center benefits from not only the prime UTC location, it also benefits from the $1 billion UTC Westfield Mall renovation as well as the pending completion of the Mid-Coast Corridor Transit Project. The asset is also within walking distance to mass transit and world-class retail, dining and entertainment amenities.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), 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 “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 “BGCA”.
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