DRA, Cypress Pay $41M for Sorrento Mesa Office Portfolio; NBC 7 Seals Move to Kearny Mesa
- Jun 26, 2014
In yet another busy week for San Diego office investment market, details emerged of two deals totaling $50 million in value.
In the larger of the two transactions, DRA Advisors L.L.C. and Cypress Office Properties L. L.C. acquired four properties in the Sorrento Mesa submarket from TA Associates Realty for about $41 million. The properties total 190,200 square feet of office space, all of it under contract.
Included in the portfolio are 5910 Pacific Center (three stories, 50,900 square feet); Pacific Heights Plaza (two stories, 51,000 square feet); and 10020 and 9980 Huennekens Street (88,000 square feet). The new owners plan upgrades to such elements as common areas to further boost the assets’ position in the Sorrento Mesa submarket. Cassidy Turley Executive Managing Director Rick Reeder and Managing Director Brad Tecca arranged the transaction on behalf of the seller, rentv.com reports.
Also announced last week was the $9.6 million sale of 9680 Granite Ridge Drive in Kearny Mesa to KNSD Granite Ridge L.L.C., an affiliate of NBC 7 San Diego. The 52,347-square-foot building (pictured at right) will become the station’s new headquarters in 2016 after it leaves its current home at 225 Broadway in downtown San Diego.
The building will provide studio and administrative facilities for the station, which will occupy the space after improvements are complete, according to a statement. Colliers International arranged the acquisition for the buyer.