March 27, 2015
For Immediate Release:
San Diego, CA – Davlyn Investments, a prominent California multi-family and commercial property investment and property management firm, recently closed escrow on the purchase of its 7th office property in Southern California. The project, known as Paseo Summit, is a 74,807 square foot, two-building office park located in Carlsbad, California, a northern San Diego County community. Michael Roberts and Brunson Howard of Cushman & Wakefield represented LNR, as special servicer for the lender/seller. Davlyn represented itself. Lending was provided by City National Bank and Ryan Blair. The property was acquired for $16,432,500 and is currently 83% occupied.
Davlyn’s Director of Office Acquisitions, John Hale described the appeal of the asset, “The acquisition of Paseo Summit further strengthens Davlyn’s Class A presence in the I-5 Corridor. We foresee the ability to grow rents aggressively over the next 5 years, as the Carlsbad office market recovers from the recent recession. The office recovery initially bloomed in Sorrento Mesa in 2013 and has steadily moved north up the I-5 and I-15 corridors. We believe Carlsbad is next in line to enjoy the economic growth already seen throughout the county." Mr. Hale went on to state that, "Davlyn’s planned improvements to the property will further enhance its appeal to Class A tenants in the submarket. These renovations include upgrading the bathrooms and lobbies, modernizing the exterior, and installing Davlyn’s signature “Park”, an exterior recreation/ meeting area that’s become the norm for upscale creative office projects throughout California.”
Jon Williams, CEO of the firm, elaborated on Davlyn's plans, "We are thrilled to acquire Paseo Summit at such an attractive price, and given the interest we already have from prospective tenants for much of the existing vacant space, Paseo Summit is primed to provide strong cash flow to our investors for years to come. In addition, the property offers an irreplaceable, coastal location, ocean views from numerous suites and proximity to numerous high-end amenities. These factors uniquely position the property as a solid competitor in the Class A market throughout the northern reaches of the I-5 corridor.”
Davlyn Investments, Inc. is a San Diego-based owner/operator of apartment communities and commercial property throughout California. To date, the firm has acquired in excess of $920,000,000 in real estate assets. The company is headed by Jon Williams and Paul Kerr.
For further information, please contact:
John D. Hale, SIOR, CCIM
12625 High Bluff Drive, Suite 315
San Diego, CA 92130