Pacific Development Files Plans for 444-Unit Apartment Tower on Campbell’s South Bascom Avenue
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- Disclosed office deal value tracked in September 2026: $2.2B across 23 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
A 3.5-acre South Bascom Avenue office-and-retail center is the latest Campbell property targeted for a major housing conversion, with Pacific Development proposing an eight-story, 444-unit building that would extend t…
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