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Del Mar Heights Office Complex Sells for $126 Million

The Del Mar Heights housing submarket had its biggest transaction since the housing bubble burst when Kilroy Realty Corporation purchased The Heights at Del Mar office park last week for a staggering price of $126.35 million. The property is a massive, 219,000 square foot office complex located at 12770 to 12790 El Camino Real in Del Mar Heights. In addition to dozens of offices, the complex also features a state-of-the-art life science building and a separate, 4.2 acre parcel of land that could be used for an additional building or overflow parking.

According to a spokesman for KRC, the Heights at Del Mar was a perfect fit for its needs because it will bring in revenue immediately as the building is fully leased, and the extra land represents an ideal spot for a new building. Demand for office space is also rising quickly in the Del Mar Heights area, the spokesman said, and the opportunity to open up a new facility to meet that demand was a strong factor in pulling the trigger on the deal.

September 23, 2013