Cardinal Investments Closes $28M Office Buy

[IMGCAP(1)]SAN DIEGO-Cardinal Investments of El Segundo, CA has acquired the 66,820-sf Hacienda Del Mar office building in Del Mar Heights from Pflueger Holdings LLC for $27.5 million. Kyle Ransford, founder and general partner of Cardinal Investments, tells GlobeSt.com that in addition to its investment value, Cardinal was attracted to the property for its distinctive character and design, which Cardinal believes could lead to the building some day being declared a historic landmark.

Cardinal acquired the property, which is at 12625 High Bluff Dr., in an off-market direct deal between buyer and seller. Built in 1986, the three-story building, which sits on a parcel of nearly 3.5 acres, was 100% occupied at the time of the sale.

[IMGCAP(2)]Ransford says that he has always wanted to own a historic building or build one and that this building, since it is 25-plus years old, is the closest he has come to realizing that wish thus far. Hacienda Del Mar is a replica of a building in Durango Mexico, except that the original was two stories and made of adobe while the San Diego building is three stories of wood and stucco.

Ransford adds that, considering the architectural detail of the Hacienda Del Mar building, it would be too expensive to build today. Among the detail and architectural features are elaborate iron work, tile flooring, fountains and what Ransford calls “an amazing courtyard.”

Cardinal Investments focuses on the development and rehabilitation of commercial, residential and resort properties in strategic target markets. The company has named Grubb & Ellis