Grubb & Ellis/BRE Commercial arranged the sale of the Scripps Wateridge Corporate Center comprised of two office buildings totaling 123,853 square feet in San Diego, Calif.
The value of the transaction was $24.8 million.
The two steel-frame, class A office buildings, located at 6925 and 6965 Lusk Blvd., sit on approximately 11.7 acres of land and were 100 percent leased to two tenants at the time of sale.
The property also includes 4.3 acres of undeveloped land that can accommodate future development of an office or R&D corporate headquarters facility.
Local real estate investment firm Cruzan/Monroe purchased the corporate center as an investment. The seller was Bedford Property Investors Inc. (NYSE:BED), a self-managed equity real estate investment trust based in Lafayette, Calif.
San Diego, Calif.-based Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage.
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