Voit Real Estate Services/CORFAC International Directs $3.15 Million Sale of Office Building in San Diego Amid State Lockdown
Brandon Keith, Kipp Gstettenbauer, and Ryan King of Voit Real Estate Services/CORFAC International have successfully directed the sale of an office property in San Diego, California, for $3,150,000. The 13,695 square foot office building is centrally located within the Sorrento Mesa office market and offers quick access to the 5 and 805 freeways.
Keith, Gstettenbauer, and King, all Senior Vice Presidents in Voit’s San Diego office, represented the seller, 9565 Waples Investment Group, LLC, in the transaction. The property was sold to Renda Law Offices, P.C., headed by Vincent Renda, who purchased the building for its San Diego-based bankruptcy firm. Renda was looking to relocate his previous San Diego office location in response to expansion plans as well as for convenience for him and his associates.
“With the Small Business Administration (SBA) offering record low loan rates, Renda is a great example of a business taking advantage of the current, attractive financing, including a loan payment grace period for all businesses with SBA financing,” stated Keith. “This transaction commenced in the midst of the COVID-19 stay-at-home order for San Diego County and is a clear sign of strength in commercial sales activity, despite the economic uncertainty brought on by the pandemic.”
According to King, “While some segments of the user market have slowed, like retail, for example, we’re seeing improved demand from office, life science, R&D and industrial business owners. We anticipate that this demand coupled with the widely available SBA and even conventional financing rates at or near historic lows will propel a steady market during these unconventional times.”
“We expect buyer demand to continue building as lease expirations approach and economic activity begins to normalize over the next 3-6 months,” commented Gstettenbauer.
The property is located at 9565 Waples Street in San Diego, California.
About Voit Real Estate Services/CORFAC International
Voit Real Estate Services/CORFAC International is a privately held, broker owned Southern California commercial real estate firm that provides strategic property solutions tailored to clients’ needs. Throughout its almost 50-year history, the firm has developed, managed, and acquired more than 64 million square feet, managed $1.4 billion in construction projects, and completed in excess of $52 billion in brokerage transactions encompassing more than 50,000 brokerage deals. Voit’s unmatched expertise in Southern California brokerage, investment advisory, financial analysis, and market research enables the firm to provide clients with forward-looking strategies that create value for a wide range of assets and portfolios.
