San Diego, Calif., (March 31, 2021) – Voit Real Estate Services is pleased to announce that the Promontory, a Class A multi-tenant office building in North San Diego’s Rancho Bernardo community, has been purchased by a Limited Partnership controlled by the principals of Newport Beach-based real estate firm Peregrine Realty Partners for $33 million.
The Seller, local real estate development firm Carleton Management, was represented by Randy LaChance of Voit Real Estate Services who was assisted by Chris Williams of CBRE. Representing the Buyer in the transaction were CBRE’s Louay Alsadek, Hunter Rowe and Maddie Mawby.
The 98,249 square-foot, three-story office property which has an atrium-design was originally constructed by the Sellers in 1989. Promontory offers great views of the surrounding area and the amenities include a fitness center along with showers and lockers, common area conference rooms and numerous outdoor seating areas. The Promontory is in a great location within ½ mile of I-15, connecting Rancho Bernardo to the rest of San Diego County, and was 97 percent leased at the time of sale to a diversified mix of tenants. The office property is located at 11440 West Bernardo Court.
Randy LaChance, Senior Vice President noted, “This was a highly desirable property which had tremendous interest from the investment community.”
“The Promontory is a very strong asset in one of San Diego’s most desirable submarkets,” commented Mr. Alsadek. “The building’s hilltop location provides tenants with panoramic views of beautiful North County.”
About Voit Real Estate Services
Voit Real Estate Services is a privately held, broker owned Southern California commercial real estate firm that provides strategic property solutions tailored to clients’ needs. Throughout its 50-year history, the firm has completed in excess of $53.5 billion in brokerage transactions encompassing more than 51,500 brokerage deals. Voit’s unmatched expertise in Southern California brokerage, investment advisory, financial analysis, and market research enable the firm to provide clients with forward looking strategies that create value for a wide range of assets and portfolios. Further information is available at www.voitco.com.
About Peregrine Realty Partners
Peregrine Realty Partners is a West Coast-based commercial real estate firm founded in 2009 that creates and maximizes value for its private and institutional clients on many fronts. The company invests in multi-tenant office and industrial properties throughout Southern California and also specializes in asset and advisory services on behalf of individual high-net-worth investors and institutional capital partners.
About Carleton Management
Carleton Management is a real estate investment company based in San Diego that is focused on building communities through thoughtful development initiatives and using development as a tool to improve neighborhoods, create opportunities for others, and act as a steward in the city of San Diego.
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