CIP Real Estate dumps SoCal technology park

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Ponderosa Technology Park LLC, an affiliate of Irvine-based CIP Real Estate and its joint venture partner, Alex Brown Realty Inc., recently sold Ponderosa Technology Park in the Kearny Mesa submarket of San Diego, Calif. The value of the transaction was approximately $28.2 million. An affiliate of Santa Barbara, Calif.-based Granite Peak Partners, a real estate investment firm, purchased the eight-building property, which totals 155,529 square feet of office, R&D and industrial space. Originally built in 1978 and renovated by CIP Real Estate in 2001 and 2003, the property is situated on 9.6 acres and is located at 4205 to 4247 Ponderosa Ave. At the time of sale, the property was 94 percent leased to a diversified mix of 15 tenants, including AT&T, SBC and TYCO. *** What's your opinion? Send your Letter to the Editor to