Monarch Corporate Center trades hands

Grubb & Ellis/BRE Commercial this week announced it negotiated the sale of a 112,404-square-foot, two-building office project in San Diego's Scripps Ranch neighborhood.

The value of the transaction was $32.2 million.

The property, known as Monarch Corporate Center, is located at 9909 and 9915 Mira Mesa Blvd. Consisting of two identical three-story office buildings and a single-level parking structure, it was built in two phases. The first building was completed in 2002, and was 95 percent leased at the time of sale to 11 tenants including UCSD, Adobe Systems and Fidelity National Title. Phase II was completed in April 2006, which included the parking structure, was 25 percent pre-leased to Prudential at the time of sale.

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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