Torrey Reserve West
3390, 3394, & 3398 Carmel Mountain Road, San Diego, CA 92121
KBS REIT II was able to capitalize on this investment by acquiring three buildings (built in 2000) at a time when there were not as many buyers in the market.
Due to the high quality nature of the property, KBS REIT II invested very little into the property and was able to bring the occupancy to a level of 100% at the time of sale. KBS REIT II did enhance the property’s landscaping and remodeled the shower and locker room which were a big appeal to tenants who jog on the scenic trails just outside of the building.
The property itself is located right on the cusp of the Del Mar Heights submarket, but originally was not classified as being in this market. During the hold period, KBS REIT II was able to have the property correctly re-classified as being in the Del Mar Heights submarket, which added significant implied value to the property at the time of sale.
Investment at a Glance
Location: San Diego, CA
Property Type: Torrey Reserve West
Acquisition Date: September 9, 2010
Purchase Price: $27,300,000
Sale Date: July 10, 2014
Sale Price: $39,150,000
No. of Buildings: 1
Square Footage: 118,030 SF
Leased Percentage (at the time of Acquisition): 95%