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Harbor Associates Sells 132669 Sq Ft Office Building In Chula Vista For $29.5M

Property Image
SOLD
$29,500,000
Casey Sterk
Matt Harris
Matt Pourcho
+ 1

California

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Office132,669 SF
Sold 12/16/2024
the dealplayerscompscontact
Property Image
SOLD

Harbor Associates Sells 132669 Sq Ft Office Building In Chula Vista For $29.5M

2300 Boswell Road

See Similar Deals
Office132,669 SF
Sold 12/16/2024
Casey Sterk
Matt Harris
Matt Pourcho
+ 1
the dealplayerscompscontact
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Summary

CALIFORNIA
Asset Type:Office
Price Per Square Foot:$222
Total Square Footage:132,669 SF
Transaction Type:Sale

A Class A office building located at 2300 Boswell Road in Chula Vista has sold for $29,500,000. The property spans 132,669 square feet and was 94% occupied at the time of sale. The transaction reflects a price per square foot of $222, indicating a solid investment in the region's office market.

Summary of transaction details:

The transaction was arranged by CBRE, who facilitated the sale on behalf of the seller, Harbor Associates, through Plaza at Eastlake LLC. The property had recently undergone $2.24 million in renovations, and the San Diego submarket has maintained a 4% vacancy rate over the past five years.

Players

Anthony DeLorenzo
CBRE
Anthony DeLorenzo
116 deals$2B volume
BROKER
Matt Pourcho
CBRE
Matt Pourcho
48 deals$650.7M volume
BROKER
Matt Harris
CBRE
Matt Harris
28 deals$349M volume
BROKER
Casey Sterk
CBRE
Casey Sterk
5 deals$75.5M volume(760) 525-0993
BROKER

Details

SOLD
IMAGE: Anthony DeLorenzo, Casey Sterk, Matt Harris & Matt Pourcho DATE: 12/16/2024 ADDRESS: 2300 Boswell Road MARKET: Chula Vista ASSET TYPE: Office SELLER: Harbor Associates BROKERS: Anthony DeLorenzo (@AnthonyDelorenzo), Casey Sterk, Matt Harris (@Matt_Harris32) & Matt Pourcho (@MPourcho) - CBRE (@CBRE) SALE PRICE: $29,500,000 SF: 132,669 ~ PPSF: $222 NOTE: CBRE arranged the $29.5M sale of a 132,669 sq. ft. Class A office building in Chula Vista to a private investor, with the property 94% occupied at the time. The seller, Harbor Associates through Plaza at Eastlake LLC, completed $2.24M in renovations, while the San Diego submarket maintained a 4% vacancy rate over the past five years.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,573,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$104,807.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$139,845.05
Annual Debt Service$1,678,140.60