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3333 CAMINO DEL RIO SOUTH CAPITAL MARKETS | INSTITUTIONAL PROPERTIES AN EXCELLENT VALUE-ADD INVESTMENT OPPORTUNITY 56,847-SQUARE-FOOT OFFICE BUILDING IN THE HEART OF MISSION VALLEY 3333 camino del rio south

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  • 3333 CAMINO DEL RIO SOUTH

    CAPITAL MARKETS | INSTITUTIONAL PROPERTIES

    AN EXCEL L ENT VA LU E - ADD INVESTM ENT O PPO RTUN I T Y 56,847- SQ UARE - FOOT O FF I CE BU I LD IN G IN THE HEART O F M ISS ION VAL L EY3 3 3 3

    camino del rio south

  • 1 3333 CAMINO DEL RIO SOUTH

    E X E C U T I V E S U M M A R Y

    The OfferingAs Exclusive Advisor, CBRE is pleased to present the opportunity to acquire 3333 Camino Del Rio Souith (the “Property”), an institutional-quality, multi-tenant office building totaling 56,847 square feet.

    OFFERING HIGHLIGHTS• Excellent value-add investment opportunity with NOI projected to increase significantly over

    the next four years• Investors will have the ability to immediately reposition and push rents | 52% roll-over in

    the first three years• The Property is 96% leased to a diversified tenant roster (engineering, tech, financial and

    professional services, etc.) with minimal large tenant exposure – largest tenant (YMCA) is 28% of the building

    • Ideally located in Mission Valley with exceptional visibility and access to San Diego’s transportation corridors including Interstates 8, 15, 805, 5 and State Route 163

    • Opportunity to acquire a quality office building at a significant discount to replacement cost

    3333 Camino Del Rio South is offered for sale with no debt to assume.

    significant increase in NOI over the first four years

    creative office repositioning opportunity

    ideal

    52%

    rollover in the firstthree years

    96%leased

  • 2E X E C U T I V E S U M M A R Y

    BUILDING PROFILE

    Address 3333 Camino Del Rio South

    Building Size 56,847 RSF

    # Of Bldgs./Floors One (1) / Four (4)

    Year Built 1984

    % Leased 96.1%

    Asking Price $9,300,000 ($164/SF)

    Year-1 Cap Rate 6.46%

    Year-3 Cap Rate 8.48%

    Parking Ratio 4.0:1,000 USF

    Gross Site Area 5.27 Acres

    SAN DIEGO COUNTY MARKET HIGHLIGHTS

    • 2016 was a banner year for San Diego’s office market with 1.8 million SF of positive net absorption; surpassing the previous high of 1.6 million SF in 2014 and the highest on record since 2005

    • Job growth of 30,900 YOY (+2.2%) – led by Medical/Hospitality, Government, and Retail/Food Service, the highest growth industries in the region

    • Asking rental rates continue to increase, and set new peaks - up 7.9% (countywide) from 4Q15• San Diego’s unemployment rate fell to 3.6% in April 2017, its lowest level since May 2007 and remains far from peak levels of January 2010 (11.0%)

    MISSION VALLEY’S STRONG PERFORMANCE

    • Over the past decade, Mission Valley has been one the most resilient and stable submarkets across the county• Supply constrained market with virtually no new office development opportunities • Only 89,000 square feet of construction deliveries since 2007• Significantly less market rent and vacancy volatility than other core office markets

    SIGNIFICANT SUBMARKET MILESTONES SINCE 2013

    • Mission Valley was one of the first office markets in the county to reach pre-recession vacancy levels• Experienced a 42% increase in overall lease rates -- topping all core office markets• Class B asking lease rates have increased 25% since Q2 2013

    EXCELLENT VALUE-ADD INVESTMENT OPPORTUNITY

    3333 Camino Del Rio South represents an excellent value-add investment opportunity. The Property is currently 96% leased with 52% of the tenants rolling in the first three years. Investors can achieve significant NOI growth and value appreciation through an aggressive marketing program and the lease-up of the existing vacancy at increased rents. The Property rent roll is comprised of occupants in a variety of industries and suite sizes limiting macroeconomic fluctuation exposure.

  • 3 3333 CAMINO DEL RIO SOUTH

    8

    15

    CAMINO DEL RIO

    SOUTHCAM

    INO DEL

    RIO NO

    RTH

    NORMAL HEIGHTS

    DOWNTOWN

    NORTH PARK

    ∙ 5 minutes to Downtown San Diego and the International Airport ∙ 10 minutes to La Jolla and UTC ∙ 15 minutes to Del Mar and other coastal communities/executive housing ∙ 25 minutes to the US/Mexico borderLO

    CA

    TIO

    N

    AM

    ENIT

    IES

    ± 5.3 million square feet of retail amenities in Mission Valley ± 7,000 hotel rooms

    3333 CAMINO DEL RIO SOUTH

    PACIFIC OCEAN

    3 3333 CAMINO DEL RIO SOUTH

  • 4E X E C U T I V E S U M M A R Y

    805

    FRIA

    RS RO

    AD

    QUALCOMM STADIUM

    HILLCREST

    ∙ Prominent locations in Mission Valley -- the retail hub and transportation heart of San Diego

    ∙ Direct access to the Metropolitan Transit System and five freeways: 58 163 805 15ACCES

    S

    163

    5

    There are currently two separate plans to redevelop the Qualcomm Stadium site, which will ideally position 3333 Camino Del Rio South to benefit from a revitalized urban centerpiece in the heart of Mission Valley.

  • INVESTMENT ADVISORS

    LOUAY ALSADEKLic. 01078492

    +1 858 546 [email protected]

    BOB SMITHLic. 00665999

    +1 949 725 [email protected]

    HUNTER ROWELic. 01903236

    +1 858 646 [email protected]

    MARKET EXPERT

    JEFF OESTERBLADLic. 01516014

    +1 858 546 [email protected]

    FINANCING CONTACTS

    MARK MCGOVERNLic. 00973219

    +1 858 546 [email protected]

    SCOTT PETERSONLic. 01383970

    +1 858 546 [email protected]

    DENVER

    TIM RICHEYMIKE WINNCHAD FLYNN

    LOS ANGELES

    TODD TYDLASKASEAN SULLIVANMIKE LONGO

    ORANGE COUNTY

    ANTHONY DELORENZO

    PHOENIX

    BARRY GABEL

    PORTLAND

    TREVOR KAFORURYCHARLES SAFLEY

    SAN DIEGO

    LOUAY ALSADEKHUNTER ROWE

    SAN FRANCISCO

    RUSSELL INGRUMTYLER MEYERDIRKSETH MCKINNON

    SEATTLE

    TOM PEHLLOU SENINI

    SILICON VALLEY

    JOE MORIARTYSCOTT PROSSERJACK DEPUY

    DEBT & STRUCTURED FINANCE

    BRAD ZAMPABRADY O’DONNELLBRUCE FRANCISMARK MCGOVERNSCOTT PETERSONMICHAEL L. WALKERVAL ACHTEMEIER

    CAPITAL MARKETSOFFICE | WESTERN U.S.

    3 3 3 3camino del rio south


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