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JLL has been retained as the Exclusive Agent for Seller to extend to qualified principals the opportunity to acquire a fee simple interest in The Pinnacle (the “Property”). Built in 2007, the Property is a five story Class A office building containing approximately 110,128 square feet. Credit tenants, including Charles Schwab, ShopCore and the State of California, account for 40% of the occupancy and together maintain a weighted average lease term of nearly 5 years. The Pinnacle has benefited from a series of recently completed capital projects, which increased current occupancy to 98.4%, thereby limiting capital exposure for investors looking for market leading stabilized assets with strong cash flow.
The Pinnacle is located in the highly desirable I-15 submarket of Rancho Bernardo, one of San Diego’s foremost technology and innovation centers. Rancho Bernardo has attracted a wide array of national and international technology tenants for decades. The submarket’s long-standing tenant base of Sony Electronics, Petco, Broadcom, General Atomics, Northrop Grumman, ASML-Cymer and Teradata was recently augmented by the arrival of several FAANG companies, one of which committed to significant holdings in the submarket. Over the last 24 months, FAANG companies leased approximately 442,000 square feet in Rancho Bernardo and 1,300,000 square feet across San Diego County. Rancho Bernardo’s proximity to a highly educated, highly skilled workforce with quality schools, affordable suburban housing and abundant outdoor amenities cements the area as a prime target for companies looking to offer employees alternatives to high cost, high density markets like the San Francisco Bay Area and Seattle in a post-Covid economy.
- Strong Cash Flow with Credit Tenancy
- Premier Class A Asset
- Market Momentum – FAANG Tenancy
- Submarket Strength – Single Digit Vacancy
- Discount to Replacement Cost
- Highly Educated Workforce