Paseo Del Mar
Paseo Del Mar
JMI Realty completed development and construction of Paseo del Mar office campus in July of 2006. Paseo del Mar is a Class-A office development with 232,000 rentable square-feet located located in the Del Mar Heights office submarket of San Diego, with easy access to Interstate 5 and Highway 56. The campus style development is located on an 11.05 acre site in the San Diego Corporate Park, the county’s premiere business park, and represents one of the last office developments in the submarket. Paseo del Mar is the most successful office project in the Del Mar Heights submarket as it reached a record level of pre-leasing during construction and has achieved the highest price per square foot in the market.
Paseo del Mar consists of three, three-story office buildings, each offering one level of below grade reserved executive parking with additional on-site surface parking. The project was nearly 70% leased upon opening and is anchored by a strong roster of notable national and regional tenants.
KBS Realty Advisors purchased Crescent’s interest in Paseo del Mar and a call option for JMI Realty’s interest in December of 2006. KBS executed the call option to purchase JMI Realty’s remaining interest in October of 2007. The price per square foot established a new record for San Diego office space.
Debt Partner: Guaranty Bank
Equity Partner: Crescent Real Estate Equities Company