Brixton Capital Buys San Diego Mixed-Use Asset

Brixton Capital has purchased Polo Plaza, a 63,629-square-foot mixed-use property in Del Mar, Calif. ASB Capital Management sold the asset for $18.5 million, in a transaction brokered by Newmark.

At the time of the sale, Polo Plaza was 69 percent leased to a diverse mix of restaurant, office and retail tenants. The roster includes Coldwell Banker, SeniorQuote Insurance Services, Loantown, I-Rise Dental, Love to Live Spa, Rancho Del Mar Physical Therapy, Market Restaurant + Bar and Berkshire Hathaway.

Back in 2018, ASB and Lincoln Property Co. purchased the asset for $27.5 million with the help of a $13 million acquisition loan provided by Capital One Bank, according to CommercialEdge data.

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Completed in 1987, Polo Plaza comprises two buildings on some 3 acres. The two-story property features expansive outdoor areas, patios, 180 parking stalls with 43 garage stalls and controlled access. The new owner plans to improve the façades and common areas, while also leasing the remaining unoccupied space.

Located at 3702 & 3790 Via De La Valle, the mixed-use property is at the gateway between Del Mar and Rancho Santa Fe. Polo Plaza is near Interstate 5, which allows direct access to downtown San Diego.

Newmark Executive Managing Directors Rick Reeder, Brad Tecca, Brunson Howard and Associate Tanner Harris, alongside Cushman & Wakefield Executive Director Peter Curry and Senior Director Brooks Campbell, represented the seller.

San Diego, one of the priciest office markets

San Diego’s office market witnessed one of the top three sale prices in the West year-to-date through May, averaging $422 per square foot, according to a recent CommercialEdge report. In one of the most expensive transactions of the interval, Advin Biotech paid $23 million, or nearly $561 per square foot, for a 41,000-square-foot property in San Diego, CommercialEdge information shows.

Meanwhile, the metro also led the West in office development on a percentage-of-stock basis. The market’s 4 million-square-foot pipeline represented 4.2 percent of its existing inventory.