San Diego Business Journal

Newport Beach Firm Buys Escondido Office Building for $22.3 Million

By Lou Hirsh Thursday, December 5, 2013
Photo courtesy of CBRE

Photo courtesy of CBRE

Peregrine Realty Partners of Newport Beach has purchased La Terraza Corporate Plaza, an office building in Escondido, for $22.3 million, according to brokerage services company CBRE, which represented the buyer and seller.

The seller of the three-story building, at 500 La Terraza Blvd., was Cypress Office Properties LLC of San Diego. The 78,477-square-foot building was constructed in 2008 on 3.65 acres off Interstate 15.

Cypress acquired the property from a bank in 2011, for approximately $13 million. It stabilized the rent roll with assistance from CBRE, bringing occupancy to 96 percent within 18 months.

Peregrine Realty Partners invests in multitenant office and industrial properties throughout Southern California.