Grubb & Ellis/BRE Commercial recently announced the sale of a three-building office portfolio totaling 234,654 square feet in San Diego.
The total value of the portfolio was $47.3 million.
The Rio Vista building, located at 8885 Rio San Diego Drive, is a three-story, 108,411-sqaure-foot office building. The property sold for $22.4 million. Other features of the project include a full-service gourmet deli and a conference facility. The project was approximately 92 percent leased at the time of sale.
Kearny Mesa Crossroads, located at 3750-3760 Convoy St., is comprised of two, three-story buildings totaling 126,243 square feet. The property sold for $24.9 million. The project has many features that include upgraded common areas, a conference facility and a work-out facility. At the time of sale, the project was approximately 80 percent leased.
Scanlan Kemper Bard Cos. sold the properties to Greenlaw Partners and Guggenheim Real Estate PLUS fund, who teamed up to buy both projects. Greenlaw Partners is an Orange County, Calif.-based real estate development and investment management company that was formed in March 2003. Guggenheim is an open-ended diversified real estate portfolio managed by Guggenheim Real Estate LLC, a real estate investment manager with offices in New York, Boston, North Carolina and San Francisco.
Grubb & Ellis/BRE Commercial is a privately held commercial real estate brokerage firm operating in Southern California.
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