Foreign investor pays $42M for SoCal building

Falcon Real Estate Investment Co. LP on Thursday announced the $42 million acquisition of a mid-rise office building near a major university in San Diego, Calif.

The purchase of University Pacific Centre, which comprises 96,581 square feet, was made on behalf of GEM University Pacific LLC, an overseas private investor in a 1031 exchange.

San Francisco, Calif.-based Alecta Real Estate USA LLC sold the property, which is located at 8899 University Center Lane near the University of California, San Diego. The building has two levels of underground parking.

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