Newmark Facilitates $43 Million Sale of Plaza Del Mar in San Diego, California

Image credit to Rob Greaux Photography

April 16, 2026 12:00 PM

Newmark announces the Company 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.

Newmark Executive Managing Directors Brad Tecca and Rick Reeder represented buyer Bridgeway Real Estate Partners and seller Cruzan in the transaction, respectively.

"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."

Plaza Del Mar is comprised of two three-story buildings built in 1987 and renovated in 2014. The multi-tenant property was 60% leased at the time of sale.

Del Mar Heights is San Diego's premier office submarket, commanding the highest asking rent in the metro. The vacancy rate for professional office projects in the submarket is currently 12.8%. 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.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2025, Newmark generated revenues of nearly $3.3 billion. As of December 31, 2025, Newmark and its business partners together operated from approximately 175 offices with over 9,300 professionals across four continents. To learn more, visit nmrk.com or follow @newmark.

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