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7/09/15
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A venture led by Boston-based Rockpoint Group LLC has acquired Aventine, an 11-story, 216.1k sf office tower in San Diego’s University Towne Centre submarket. The purchase, which had a total price of about $150 mil ($628/sf), included an adjacent 22.8k sf retail space.
Built in the 1990s, Aventine is situated on over six acres at 8910 University Lane, at 70th St, between Hwy 94 and I-8. Located adjacent to the 419-room Hyatt Regency, the property offers access and visibility from the I-5 Fwy and La Jolla Village Dr, as well as close proximity to first-class restaurants and retail amenities nearby.
The property was over 95% leased at the time of sale, with such tenants as Ameriprise Financial, The La Jolla Institute for Comprehensive Medicine, San Diego Science Center and Exosome Sciences Inc. Tenants in the retail component include Fleming's Steakhouse, Melting Pot, Steak & Crab House and Cafe Japengo.
Brian Russell, Adam Edwards and K.C. Scheipe of Eastdil Secured repped the seller, Glenborough Aventine LLC, in the deal. Rockpoint represented itself. PNC Bank provided $93.5 mil in acquisition financing.
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