$27M SoCal portfolio sale

A portfolio of four San Diego, Calif., business parks totaling 162,182 square feet have sold for a total $27.2 million.

Colony Realty Partners bought the assets from McGrath Family Trust, which has owned the buildings for nearly 15 years.

The properties in the portfolio include: Rancho Pacifica, a 26,795-square-foot, multitenant project in Rancho Bernardo; Cornerstone Business Center, a 42,970-square-foot, multitenant project situated on 2.8 acres, also in Rancho Bernardo; Carroll Industrial Park, a two-building, 48,834-square-foot industrial project situated on 2.5 acres in the Miramar submarket; and Sorrento Mesa Commerce Center, a three-building, 57,908-square-foot, multitenant project situated on 4 acres in the Sorrento Mesa submarket.

At the time of the sale, the properties were 97 percent leased and includes such major tenants as General Atomics, Time Warner and Ameditech.

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