Joint venture makes purchase in hot San Diego market

Financial services companies occupy space

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Irvine, Calif.-based CIP Real Estate, a real estate investment company, in joint venture with Guggenheim Real Estate, has purchased an 88,295-square-foot office building in San Diego, Calif. The value of the transaction was not disclosed. ASR Mira Mesa LLC, an affiliate of American Spectrum Realty Inc., sold the four-story asset, which is located at 9444 Waples Ave. Built in 1986, the class A building is situated on 3.6 acres and was approximately 95 percent leased at the time of sale by tenants that included Equity 1 Lenders Group, World Savings and Liberty Mutual. The site has ample surface parking, a recently upgraded lobby, elevators and corridors, an on-site deli, on-site shower and locker facilities, and several suites with balcony access. CIP will continue with some interior upgrades on the property along with improvements to exterior painting and landscaping. "The Sorrento Mesa submarket offers strong tenant demand for both office and industrial product, and a thriving bu...