Corporate center sells for $38 million

Sorrento Mesa, Calif., property changes hands

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The Scripps Wateridge Corporate Center in Sorrento Mesa, Calif., has been sold in a deal worth $38 million. The center is comprised of two office buildings totaling 124,290 square feet. The two steel-frame class A corporate office buildings, located at 6925 and 6965 Lusk Blvd. in Sorrento Mesa, are situated on approximately 11.8 acres of land and are 100 percent leased to three tenants, including QUALCOMM, Cingular Wireless and Regents of the University of California. The property also included 4.3 acres of undeveloped land that can accommodate future development of an office or research and development corporate headquarters facility. The seller was local real estate investment firm Cruzan/Monroe. The buyer was Boston-based Colony Realty Partners. Grubb & Ellis Co.'s San Diego affiliate Grubb & Ellis/BRE Commercial and CB Richard Ellis brokered the sale. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....