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5/14/15
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Drawbridge Realty has acquired Spectrum Corporate Center , a three-building, 182.9k sf office campus in San Diego, for $61 mil ($334/sf). The project is fully leased on a NNN-basis to Northrop Grumman Systems Corporation, a wholly owned subsidiary of Northrop Grumman Corporation. Northrop, the property’s original tenant, just renewed last fall after an initial lease of 10 years.
Built in 2005, the campus is situted on 9.88 acres at 9326 and 9356 Spectrum Center Blvd, and 4830 Ruffin Rd. It is comprised of a 66.5k sf three-story building along with two, two-story office buildings, of 44.6k sf and 66k sf, joined by a dramatic atrium lobby. The site is well located within the thriving Kearny Mesa submarket of San Diego, which is a preferred location for corporate occupiers, given its central location and freeway access.
"Drawbridge continues to focus on acquiring Class A corporate campus investments in preferred locations that feature high barriers to entry. This acquisition not only met all of our acquisition criteria but allowed us to further expand our relationship with Northrop Grumman," said Chris Elmendorf, Vice President of Investments for Drawbridge Realty.
The sellers, Real Estate Capital Partners and IVG Institutional Funds, were represented by Michael Roberts and Brunson Howard of Cushman & Wakefield.
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