SAN DIEGO – Cassidy Turley, a leading commercial real estate services provider in the U.S., reports that the 168,072-square-foot Via del Campo Court corporate office campus in Rancho Bernardo has been sold for $26,055,000. Rick Reeder and Brian Driscoll of Cassidy Turley’s San Diego office negotiated the transaction.
The two-building project at 16710 and 16750 Via del Campo Court is 100 percent leased to Northrop Grumman (NYSE:NOC) through 2016.
“This project offers an exceptional location off the central I-15 Corridor in an area renowned for its roster of large corporate tenants,” said Rick Reeder, Executive Managing Director with Cassidy Turley’s San Diego office. “Northrop Grumman’s aerospace division has occupied both Via del Campo buildings since 2004. The firm has a long-term commitment to the area, recently committing to an additional 156,000 square feet in Rancho Bernardo to accommodate the growth of its aerospace program.”
In the transaction, Mr. Reeder and Mr. Driscoll, represented the seller, WAM Via del Campo LP, c/o WAM Development Group. The buyer, Drawbridge Acquisitions LLC, represented itself. There was no cooperating broker.
Via del Campo is situated just north of the I-15 and SR-56 intersection, the major east-west connection between Rancho Bernardo and the coastal communities along the I-15. Rancho Bernardo is one of San Diego’s leading headquarter locations, home to major defense contractors, technology and health services companies.
“The Rancho Bernardo location has convenient access to nearby executive housing in affluent Rancho Santa Fe, Fairbanks Ranch and Carmel Valley, as well as to a large pool of highly educated labor in the immediate suburban areas,” said Mr. Driscoll. “This is a key attractor for Northrup Grumman, which plans to add an additional 300 positions due to the growth of its aerospace program as well as its consolidating operations from other California, New York and Florida locations.”
Via Del Campo, set on 11.82 acres, has 479 parking spaces in a three-level parking structure and adjoining surface lots. Amenities include a full-service cafeteria, outdoor amphitheater with seating for 600 people, basketball court, and an on-site storage building.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.