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9/23/14
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In a major San Diego office buy, Houston-based Lionstone Investments has acquired the 655.6k sf San Diego Tech Center in Sorrento Mesa on behalf of a group of institutional investors. The nine-building, seven-acre campus is located at 9685-9725 Scranton Road, north of Mira Mesa Blvd and east of I-805.
The acquisition price was not disclosed, although other sources suggest the deal topped $250 mil. We do know that the seller, Boston Capital Partners, purchased the property in 2012 for around $152 mil.
Lionstone acquired the property in an arrangement with San Diego-based Locale Advisors, led by Phil Monroe, which will act as the operating partner for the new ownership. The campus, originally constructed in the mid-1980s, does allow for an additional development of up to 1.2 msf of space.
San Diego Tech Center consists of an eight-story office building along with eight smaller buildings of one and two stories in height, used primarily by R&D tenants. The campus also includes a Karl Strauss brewery restaurant, a fitness facility, lap pool and Japanese garden.
The transaction was brokered by Eastdil Secured and JLL. At the time of sale, the complex was 99 percent leased, including such tenants as Qualcomm, Sony Computer Entertainment America, Samsung and Novatel Wireless. The JLL team of Jay Alexander, Chad Urie and Tim Olson will continue to handle leasing on behalf of the new owners.
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