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4/06/15
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Invesco Real Estate and San Diego-based Cruzan have purchased a two-building, 311.3k sf San Diego office campus for $85.5 mil, of about $275/sf. The property is located at 6420 and 6450 Sequence Dr, north of Mira Mesa Blvd and west of Camino Santa Fe in Sorrento Mesa.
Situated on nearly 26 acres, the asset includes approximately 5.7 acres of developable land. The campus is equipped with secured lobbies, cafeteria, gym, showers, basketball and volleyball courts, as well as several patios located throughout the property that serve as outdoor lounge and dining areas.
The existing architecture and design of the property was ahead of its time when initially built in 1998. Cruzan’s renovation plans include the creation of a contemporary café, a fully–integrated fitness center, an outside amphitheater for all tenants to use, and new passive and active spaces for use by all campus tenants.
Louay Alsadek, Justin Parsonnet, Hunter Rowe, Chris Pascale and Mike Hoeck of CBRE represented the seller, a publicly traded company. The buyers represented themselves.
Mark McGovern and Scott Peterson of CBRE Debt & Structured Finance worked on behalf of Invesco Real Estate and Cruzan to secure a $70 mil, four-year, variable rate loan through Cornerstone RE Advisors.
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