San Diego, CA – San Diego-based Pathfinder Partners, LLC has acquired The Eastlake Medical and Professional Center – an office and medical condominium project located on Otay Lakes Road in Chula Vista’s Eastlake area. Bringing a long-stalled property back on the market, Pathfinder has listed the property, renamed Eastlake Professional Center, with commercial brokerage firm Cassidy Turley BRE Commercial.
According to Mitch Siegler, senior managing director of Pathfinder Partners, his company purchased the 68,000-square-foot property at a foreclosure sale in April. “Sales at the property – which received its certificate of occupancy in 2008 – had been stalled for several years. The original borrower defaulted on the $16.3 million loan and was embroiled in litigation with the lender, preventing the sale of any condos,” Siegler said. “As an all-cash buyer, Pathfinder was able to reset the project’s cost basis and will now offer units starting at just $139 per square foot, a fraction of the more than $300 per square foot the units were marketed for three years ago.”
The project, which consists of six Class “A” office buildings on 4.2 acres — with ten suites ranging from 5,200 to 10,700-square-feet — is centrally located in the heart of the Eastlake and Otay Ranch commercial districts, off the new South Bay Expressway (Route 125), 15 miles south of downtown San Diego. Each building comes equipped with air conditioning, electric and water meters and telephone/internet lines. The property also contains extensive parking.
About Pathfinder Partners, LLC
Headquartered in San Diego, Pathfinder Partners, LLC, was founded in 2006 by Mitch Siegler and Lorne Polger to make opportunistic investments in distressed real estate assets and defaulted loans. In addition to seeking opportunities to add value by providing liquidity to selling financial institutions, Pathfinder also seeks to maximize value through property enhancements, improvements in operations, marketing and property positioning and other strategies. Since it was founded in 2006, Pathfinder has acquired approximately $300,000,000 in face value of distressed notes and bank-owned properties. For more information, visit www.pathfinderfunds.com.
About Cassidy Turley BRE Commercial
Cassidy Turley BRE Commercial is San Diego’s leading full-service commercial real estate firm. The company’s dominant market presence includes more than 160 professionals and staff in five local offices and recorded nearly $1.2 billion in transactions in 2010. For more information about Cassidy Turley BRE Commercial, please visit www.brecommercial.com.