Joint venture sells defense contractor campus

Westcore Properties affiliate WS Roscoe LLC, in partnership with Somera Capital, sold REMEC Corporate Campus, a four-building, 132,685-square-foot office and R&D center, in San Diego, Calif.

The value of the transaction was $26.5 million.

The buyer was CBRE Operating Partnership L.P., a wholly owned subsidiary of CB Richard Ellis Realty Trust.

REMEC Corporate Campus is situated on 10.5 acres in the Kearny Mesa area at 9404 Chesapeake Dr. and 5775, 5785 and 5788 Roscoe Court. The campus was 100 percent leased at the time of sale by REMEC Defense and Space Inc., a designer and manufacturer of wireless communications networks in the defense and commercial sectors.

The four buildings function as corporate office, administrative office and R&D facilities with high-end electronic manufacturing occurring in three of the buildings.

Nick Psyllos of the San Diego office of CB Richard Ellis represented both parties in the transaction.

REMEC Defense and Space has a lease that continues until 2017, according to Owen Frost, chief investment officer with Westcore Properties.

Westcore Properties LLC is a private commercial real estate investment firm operating in the Southwestern United States.

***

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.