Graymark Capital, Inc., in partnership with Blue Vista Capital Management, has acquired a 68,608 SF creative office building in San Diego, California for $17.8 million
San Francisco, CA, August 2016 – Graymark Capital, Inc., in partnership with Blue Vista Capital Management, has acquired a 68,608 SF creative office building in San Diego, California for $17.8 million.
10277 Scripps Ranch Boulevard is a single-story, Class A, creative office building located in the Scripps Ranch submarket on the I-15 corridor. The building was originally constructed in 1991 and underwent a significant renovation in 2013. The original lime-clad steel and glass construction was matched with a creative office interior boasting high ceilings, open floor plan and modern finishes. The property is now 100% leased to CoreLogic (NYSE:CLGX), a leading provider of consumer, financial and property information, analytics and services to business and government.
This property was an appealing investment for Graymark due to the quality of the asset, strength of the tenant, strong cash yield, discount to replacement cost, below market rents and excellent market fundamentals. Graymark was advised by Ron Jacobson of Madison Partners and Chris Pascale of CBRE.
About Graymark Capital
Graymark Capital, Inc. is a real estate investment firm located in San Francisco, California that invests in commercial properties throughout the West Coast. The company has acquired 1,200,000 sf of institutional quality property valued at $300 million since 2012. Founded by CEO Brian Hecktman, with Managing Director/CFO Jeff Hoppen and VP of Acquisitions Rick Lafranchi, the company focuses on opportunities where it can create significant value by capitalizing on the team’s collective experience from over $2 billion of real estate investment and development over the past 20 years.
About Blue Vista
Blue Vista Capital Management was founded in 2002 in Chicago, with a mission to invest in all real property types across the U.S. To date, Blue Vista has participated in direct investments and joint ventures representing over $5.7 billion in total capitalization. The firm has raised in excess of $1.6 billion in equity through four closed end funds, two separate accounts and one joint venture relationship. The firm’s clients include one of the world’s largest university endowments, the 4th-largest sovereign wealth fund, several state pension funds, six of the largest insurance companies in the world, foundations and endowments, large family offices and wealth management platforms.