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July 9, 2020
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Protea-Primewes Spends $9 Mil on Kearny Mesa Office Building


Protea-Primewes purchased a 43.9k sf office building in Kearny Mesa for $8.95 mil, or $204/sf. It was sold by Massachusetts-based REIT Office Properties Income Trust.

Originally constructed in 1986 and renovated in 2001, the building is located at 9174 Sky Park Court, south of Balboa Ave and west of I-15. The property was 100% leased at the time of sale to two tenants, including Defense Contractor Management Agency (GSA) and Schuff Steel Company, with an average weighted lease term (WALT) of six years.

The building is adjacent to the Montgomery-Gibbs Executive Airport, one of the busiest airports for small aircrafts in the U.S. The property is within two miles of four major San Diego freeways that connect Kearny Mesa to the rest of San Diego County and is within three miles of over 4.7 msf of retail inventory and 60 eateries.

CBREs Louay Alsadek, Hunter Rowe and Brad Black represented the seller in the deal. The CBRE team also just repped Office Properties Income Trust in the $23.75 mil sale of another Kearny Mesa property, a 148.5k sf office building at 4181 Ruffin Rd. That asset was acquired by IDS Real Estate Group, as reported by RENTV last week.

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