Copley Corporate Center sale completed
Project fully leased at closing
By Inman News, Tuesday, June 6, 2006.Grubb & Ellis/BRE Commercial recently negotiated the sale of a 120,483-square-foot office building in San Diego, Calif.
The value of the transaction was $41.5 million.
The property, Copley Corporate Center, is located at 5855 Copley Drive and sits on 5.3 acres overlooking the interchange of State Route 52 and Interstate 805.
Pacifica Real Estate, a Santa Barbara, Calif.-based asset and property management firm, sold the asset to Colony Realty Partners, a real estate investment and asset management firm based in Boston.
Copley Corporate Center was completed in 2001 and includes a four-level parking structure and surface parking. The project was 100 percent leased at the time of sale to three quality credit tenants: HSBC Auto Finance, UCSD Regents and Kaiser Foundation Hospitals.
The project is centrally located in Kearny Mesa, San Diego's third-largest office submarket containing a total inventory of 6.2 million square feet.
San Diego-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm operating in San Diego and Riverside counties.
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