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7/16/14
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Tierrasanta Research Park, a multi-tenant, 112.3k sf business park located in the Kearny Mesa area of San Diego, was purchased by IPG-Monro Capital Fund I LP for $19.5 mil ($174/sf). The property was sold by Hudson Pacific Properties Inc.
Tierrasanta Research Park comprises four buildings on 6.5 acres at 9755, 9765, 9771 and 9775 Clairemont Mesa Blvd, east of I-15 and south of Hwy 52. The complex consists of two single-story flex buildings and two, two-story office buildings. It was built in 1985 and is 86.2% leased.
Project features include extensive glass lines, high-end finishes, 10-foot ceiling heights in offices, a generous parking ratio of 3.5 spaces per 1,000 square feet and flexible designs to accommodate a variety of tenant requirements. The park is just two miles from Montgomery Field, one of the nation’s busiest small aircraft airports.
The Cassidy Turley Capital Markets team of Rick Reeder and Brad Tecca, along with the leasing team of Bryce Aberg and Brant Aberg, represented both parties in the transaction.
The new owner, Monro Capital, is a commercial property investment firm located in San Diego that acquires, develops and manages a portfolio of industrial, office, retail and mixed-use properties. Mitchell Perlman, Vice President of Monro Capital, underwrote the acquisition and is charged with upgrading Tierrrasanta Research Park.
“We purchased this property due to its exceptional Kearny Mesa location, phenomenal ease of access off the I-15 Freeway and timeless design,” said Perlman. “We will reposition the property with upgrades to landscaping, signage, tenant improvements and exterior building aesthetics.”
Hudson Pacific is a full-service, vertically integrated real estate company focused on owning, operating and acquiring high quality office properties and state of the art media and entertainment properties in select growth markets in California and the Pacific Northwest.
“This project offers a significant value-add opportunity in a high demand submarket that is seeing increasing rental rates, little available land for new development and no new construction on the horizon,” said Reeder, Executive Managing Director of Cassidy Turley. “Tierrasanta Research Park is well positioned to benefit from steadily improving market fundamentals that set the stage for improved cash flow as approximately 15.5k sf of space is leased and other leases renew by 2018.”
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