Falcon Real Estate Investment Co. LP on Thursday announced the $42 million acquisition of a mid-rise office building near a major university in San Diego, Calif.

The purchase of University Pacific Centre, which comprises 96,581 square feet, was made on behalf of GEM University Pacific LLC, an overseas private investor in a 1031 exchange.

San Francisco, Calif.-based Alecta Real Estate USA LLC sold the property, which is located at 8899 University Center Lane near the University of California, San Diego. The building has two levels of underground parking.

At the time of sale, the property was 87 percent leased to tenants that included Pharmaceutical Research Associates (PRA), EpiCept Corp. and the Merrill Corp.

Plans also call for upgrading some of the systems in the building, which was constructed in 1987, and additional improvements to increase occupancy and maintain the building’s status as a "high-end office property," according to a press statement.


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