A private investor has purchased a 132,669 square-foot office building in Chula Vista for $29.5 million, according to a brokerage.
The Plaza at Eastlake, 2300 Boswell Road, was 94% occupied at the time of the sale, by an affiliate of Harbor Associates.
The two-story building, built in 1992, went through a two-year renovation. The work, completed in 2020, included around $2.24 million in capital improvements – the addition of a two-story lobby, a large conference center with glass walls and remodeled restrooms and elevators.
Previous ownership also completed construction on 37,800 square feet of speculative suites over the past few years.
Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE represented the seller.
Pourcho said the building’s 27 tenants have remained in place for six years, a time when many office property owners faced strains during and following the pandemic.
“The submarket is only 4% vacant and has averaged this vacancy for five years,” Pourcho said. “Not all offices are struggling, and our San Diego suburban office tenant rosters remain healthy, which is why San Diego leads the nation in office fundamentals.”
Eastlake’s master-planned community features over 1 million square feet of recently developed space, including retail, restaurant and various entertainment properties.
The CBRE team worked with Kimberly Clark at Voit as the local leasing agent.
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