News Release: Cushman & Wakefield’s Private Capital Group Advises Sale of Renovated Office/Medical Project in San Diego for $7.4 Million

For Immediate Release

Crown Point Systems Inc. acquires Midway District asset and will occupy part of project

SAN DIEGO, Calif. – November 22, 2022 – Cushman & Wakefield announced the firm has brokered the sale of a two-building office/medical project totaling 28,630 square feet in San Diego, California. Known as Loma Starr, the pair of two-story buildings are located at 3051-3055 Rosecrans Street and 3065 Rosecrans Place in San Diego’s Midway District.

The recently renovated project was 91.7% leased to a wide array of tenants and sold for approximately $7.4 million. The project was acquired by Crown Point Systems Inc., which also plans to occupy part of one of the buildings for its own offices.

Peter Curry, Brooks Campbell and Kevin Cuff with Cushman & Wakefield’s Private Capital Group in San Diego represented the seller, Loma Starr, LLC, a private investor group, in the transaction. Bret Morriss of Cast Capital represented the buyer.

“Loma Starr offered a great and unique opportunity to acquire a strategically located open-air office and medical asset in a desirable coastal area of San Diego, a market that continues to see demand from both office and medical users. The buyer will be able to operate their business while also having a good income stream and a competitive property to meet market demand,” said Managing Director Peter Curry.

“The project is strategically located along Rosecrans Street at the entrance to one of San Diego’s busiest developments, Liberty Station. In the coming years, the Midway District is poised to see growth with the future redevelopment of the famed San Diego Sports Arena into one of the most vibrant mixed-use communities in all Southern California,” Senior Director Brooks Campbell.

Originally built in the 1960s, Loma Starr underwent extensive renovations in 2018 that included a new roof, interior and exterior improvements, and system upgrades at the 3065 Rosecrans building, and a full renovation of the 3051-3055 Rosecrans building. The location is near the junction of Interstate 5 and 8 as well as an abundance of surrounding amenities, the San Diego International Airport, and is minutes from the beach.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Media Contact:
Joshua Deale
Cushman & Wakefield
Communications Manager, West Region
+1 415 677 0423
joshua.deale@cushwake.com

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