In what could be a precursor of things to come, the 66,000-square-foot, three-story Hacienda del Mar office building in Del Mar Heights was sold for $15.6 million on the last day of the year after being taken back by its lender.
The garden atrium-style property, nearly half vacant, was purchased by OF 09 Hacienda, LLC, an entity of Davlyn Investments of San Diego. Davlyn will be taking about 5,400 square feet for its own use.
The property last sold for $27.5 million in late 2007, or about $417 per-square-foot.
The 2009-ending REO sale was for $236 per-square-foot.
Ken Kisbert, a Colliers International senior vice president, said while there will be some commercial foreclosures, they will be a trickle rather than a flood.
"I don't think we're going to lose as many buildings as some people expect," Kisbert said. "The landlords aren't in dire straits for the most part and do banks want to take these back? I don't think so."
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