$27M SoCal portfolio sale

Family trust unloads several properties

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A portfolio of four San Diego, Calif., business parks totaling 162,182 square feet have sold for a total $27.2 million. Colony Realty Partners bought the assets from McGrath Family Trust, which has owned the buildings for nearly 15 years. The properties in the portfolio include: Rancho Pacifica, a 26,795-square-foot, multitenant project in Rancho Bernardo; Cornerstone Business Center, a 42,970-square-foot, multitenant project situated on 2.8 acres, also in Rancho Bernardo; Carroll Industrial Park, a two-building, 48,834-square-foot industrial project situated on 2.5 acres in the Miramar submarket; and Sorrento Mesa Commerce Center, a three-building, 57,908-square-foot, multitenant project situated on 4 acres in the Sorrento Mesa submarket. At the time of the sale, the properties were 97 percent leased and includes such major tenants as General Atomics, Time Warner and Ameditech. ...