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2/06/17
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In a recent office buy out of San Diego, The Casey Brown Company acquired a three-property office portfolio from Peregrine Realty Properties for $76.95 mil. The portfolio, totaling 328.9k sf ($234/sf), is located in the Kearny Mesa, Mission Valley and Old Town submarkets of Central San Diego.
One of the properties, Chesapeake Park Plaza, is located at 9665 Chesapeake Drive in the Kearny Mesa submarket and totals 92.3k sf. The curvilinear, glass-lined building is leased primarily to engineering, consulting, law, technology and real estate firms.
Valley Corporate Center, Mission Valley |
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Another of the acquisitions, Valley Corporate Center, is a 12-story, 176.1k sf office tower located at 591 Camino De La Reina in Mission Valley. It is leased to law firms, financial and insurance services companies, technology and defense contractors, medical and health service providers, as well as government entities.
The third property, Old Town Plaza, is a two-building creative office project located at 2251 San Diego Avenue in Old Town. Totaling 60.5k sf, it is leased to marketing, design and consulting firms, and healthcare providers.
The properties were sold by Peregrine Realty, a West Coast-based commercial real estate firm founded in 2009. Louay Alsadek and Hunter Rowe of CBRE represented the seller on Chesapeake Park Plaza and Valley Corporate Center. Josh Buchholz, Doug Ceresia and Matt Midura of NAI San Diego represented the seller on Old Town Plaza.
According to John Kenney, principal of The Casey Brown Company, will be initiating an extensive capital improvement and rebranding effort over the coming months as part of its plans to reposition the properties. The Casey Brown Company was founded in 2015 with a focus on acquiring well-located assets in the Southwest U.S.
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