The joint venture, involving Harbor Associates and F&F Capital Group, acquired the Highlands Corporate Center for $77 million, highlighting strong investment interest in San Diego's office market.
This office campus, located in Del Mar Heights, is approximately 90 percent leased, showcasing its appeal due to proximity to a mixed-use space and recent lease activity.
The price of nearly $365 per square foot indicates a premium investment compared to other markets, such as Downtown Los Angeles, which shows significantly lower trading prices.
According to JLL, the San Diego office market is experiencing a 14 percent vacancy rate, the highest in over a decade, emphasizing a need for market adaptation.
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