Property Detail

Description

Pacifica Commercial Realty is pleased to present 1222–1224 Vine Street, a premier downtown Paso Robles single-tenant office investment fully leased to Pearce Services, LLC, now part of CBRE following CBRE’s acquisition of Pearce Services. Now offered at $5,250,000 — a $500,000 price reduction — the property represents a compelling opportunity to acquire a stabilized, institutional-quality office asset at an attractive new basis. The seller is motivated and encourages investors to bring their offers. The property consists of an approximately 19,757 SF three-story office headquarters building situated on an approximately 30,000 SF parcel in the heart of downtown Paso Robles. Originally developed as the Heritage Oaks Bank Administration Building, the asset features institutional-quality improvements, attractive architecture, and functional multi-floor office layouts ideal for long-term corporate occupancy. The property is leased through November 30, 2029 under a net lease structure with scheduled 3% annual rent increases. Current annualized base rent is approximately $479,270, providing an attractive approximately 9.13% cap rate at the newly reduced $5,250,000 asking price. The lease includes two separate 3-year extension options and additional offsite parking rights through an existing parking sublease agreement associated with the Paso Robles Inn property. Located within Paso Robles’ vibrant downtown corridor, the property offers walkable access to restaurants, hotels, retail, and regional amenities. With its newly reduced asking price, approximately 9.13% cap rate, established corporate tenancy, contractual rent growth, and motivated seller, 1222–1224 Vine Street represents one of the most compelling office investment opportunities currently available in the Paso Robles market