In-Place Cap Rate
Newmark is pleased to present the opportunity to acquire the fee simple interest in Chesapeake Corporate Center, located at 9555 Chesapeake Drive, San Diego, CA. Chesapeake Corporate Center is being offered as an owner/user or an investment opportunity at $13,000,000 or $220 PSF.
Built in 1984 with significant renovations totaling $2.8M to date, Chesapeake Corporate Center is a two-story, multi-tenant office building totaling 59,175 rentable square feet, served by three individual lobbies, stairwells and elevators. The project is served by ample on-site surface parking lot, providing an overall project parking ratio of 4.0 spaces per 1,000 SF. The property boasts an extremely flexible design and is able to accommodate tenants ranging in size from 3,000 to 27,500 square feet.
Chesapeake Corporate Center is centrally located in Kearny Mesa, San Diego’s largest suburban office market and clearly, it’s most resilient. Additionally, assets located in the submarket are positioned for substantial capital appreciation via the approved Kearny Mesa Community Plan Update currently underway.
Given recent leasing activity and the fact that current ownership has taken all tenant spaces (except suite 200) back to shell condition and delivered all new tenant improvements during their ownership period, most suites should require minimal capital upon roll over. Additionally, ownership has maintained the Property to the highest standards with recent capital improvements that include; ADA upgrade to exterior and elevators, complete landscape upgrade, replacement of o ver 60% of the HVAC units, and repainting of lobbies, stairwells, and the repaving/stripping of the surface parking area. In summary, Chesapeake Corporate represents a rare, value add opportunity to acquire a high quality, multi-tenant office project in one of the most sought-after submarkets in San Diego.