Newmark Facilitates $43 Million Sale of Plaza Del Mar Office in San Diego's Del Mar Heights

Newmark has arranged the $43 million sale of Plaza Del Mar, a 119,681-square-foot Class A office building located at 12520 & 12526 High Bluff Drive in San Diego's Del Mar Heights submarket, the firm announced April 16, 2026. The buyer, Bridgeway Real Estate Partners, acquired the asset from seller Cruzan.

Transaction Details and Deal Structure

The Plaza Del Mar office complex comprises two three-story buildings originally constructed in 1987 and renovated in 2014. The multi-tenant property was 60% leased at the time of sale. At 119,681 square feet and a $43 million price tag, the deal implies a price of approximately $359 per square foot.

Newmark Executive Managing Director Brad Tecca represented buyer Bridgeway Real Estate Partners, while Executive Managing Director Rick Reeder represented seller Cruzan.

"Plaza Del Mar provides an attractive basis relative to both historical pricing and estimated replacement cost, positioning ownership to capture upside as occupancy stabilizes," said Tecca. "With a premier coastal location, the market's high barriers to entry, limited new development and sustained demand from credit tenants across technology, life sciences and professional services, Plaza Del Mar is well positioned to benefit from improving office fundamentals."

Del Mar Heights Office Market Context

Del Mar Heights is San Diego's premier office submarket and commands the highest asking rents in the metro area. According to Newmark Research, asking rates in the San Diego office market reached an all-time high in the first quarter of 2026, having risen an average of 3.2% annually over the past 10 years. The vacancy rate for professional office projects in the Del Mar Heights submarket currently stands at 12.8%.

The submarket's high barriers to entry and limited new development have been cited as factors supporting its rent premium relative to other San Diego submarkets. Demand from tenants in technology, life sciences, and professional services has been identified as a driver of leasing activity in the area, according to Newmark.

About the Parties

Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate services firm that reported revenues of nearly $3.3 billion for the twelve months ended December 31, 2025. The firm operates from approximately 175 offices with more than 9,300 professionals across four continents.

Cruzan is the seller in this transaction. Bridgeway Real Estate Partners is the acquiring entity. Neither firm issued additional commentary beyond what was included in Newmark's announcement.