Harbor Associates LLC and Ascentris have acquired Rancho Bernardo, California-based The Pinnacle, a five-story office building. No financial terms were disclosed. Davis Partners will provide property management services.
LONG BEACH, Calif., June 20, 2018 /PRNewswire/ — Harbor Associates, LLC (“Harbor”) and Ascentris have partnered to acquire The Pinnacle, a 110,110 square foot, five-story class A office building located in the north San Diego submarket of Rancho Bernardo. The Pinnacle represents Harbor’s third office acquisition in San Diego, following the acquisition of The Bungalows at Del Mar in May 2018.
Located just 25 miles north of downtown San Diego, Rancho Bernardo is currently experiencing significant tenant demand due in large part to its access, affordability and concentration of technology, engineering and defense companies located in the submarket. Completed in 2007 and currently 93% leased, The Pinnacle is the submarket’s newest office building and is the only property able to offer tenants subterranean parking.
Harbor and Ascentris will execute a capital improvement plan to enhance the tenant experience, including creating new outdoor covered seating and collaborative workspace with canyon views, modernizing the bike storage and locker room area, and refreshing the ground floor lobby.
Justin Loiacono, Principal for Harbor, comments, “Pinnacle represents our thirteenth value-add office acquisition in the last three years in Southern California and third in the San Diego market. We have a robust pipeline of activity behind this transaction and look forward to further building out our Southern California portfolio.”
Ascentris Managing Director Bobby Ghiselli added, “Ascentris is currently targeting high-quality office buildings in the primary suburban submarkets across the United States. The Pinnacle represents our fifth office acquisition in the past six months and we are excited to partner with a group as capable as Harbor to execute on the investment’s business plan.”
Lynn LaChapelle and Bob Prendergast with JLL represented the seller. Jay Alexander and Tim Olson with JLL will continue to handle leasing for new ownership while Davis Partners will provide property management services.
About Harbor: Harbor Associates, LLC (www.harborassociates.com) is a value add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California. The three Principals of Harbor have over 30 years of experience in Southern California and have closed over $1.7B in acquisitions and asset managed over $2.5B in assets totaling over 3M SF of office. The company is a joint venture with The Bascom Group, LLC.
About Ascentris: Ascentris is a real estate private equity firm based in Denver, Colorado. With nearly $1.0B in Assets Under Management, Ascentris invests in and manages institutional real estate, both directly and through joint venture partners, on behalf of institutional clients. Since 2003, the Ascentris management team has focused exclusively on value-add and opportunistic investments across all the major property types and geographic regions within the United States. Additional information is available at www.ascentris.com.