Triple Net gains San Diego high-rises

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Grubb & Ellis represented Santa Ana, Calif.-based Triple Net Properties in the purchase of three high-rise office buildings in downtown San Diego totaling 1.16 million square feet. The transaction, which is valued at $274.5 million, is believed to be the largest office building sale in San Diego history, the largest in Southern California so far this year, and the largest office sale in Southern California since the Warner Center sale in 2002, according to a company statement. The properties purchased include the Comerica Bank Building at 600 B St. (336,049 square feet, 24 stories); Emerald Plaza at 402 W. Broadway (356,901 square feet, 30 stories); and Golden Eagle Plaza at 525 B St. (427,988 square feet, 22 stories). Collectively the properties were 91 percent leased at the time of sale with major tenants that included Liberty Mutual Insurance, Comerica Bank, San Diego Chamber of Commerce, California Bank and Trust, US Navy, City of San Diego and Harcourt. San Diego-based ...