San Diego Office Portfolio Trades for $16M

JLL represented LBA Realty in the disposition of two single-tenant assets totaling 60,139 square feet.
Balboa Tech Center
Balboa Tech Center. Image courtesy of JLL

Dollinger Properties has acquired Balboa Tech Center and 3255 Camino Del Rio South, two single-tenant office buildings totaling 60,139 square feet in San Diego, Calif. According to Yardi Matrix data, LBA Realty sold the assets for $16 million. The buyer also assumed the outstanding balance of a $10 million loan held by Nationwide. JLL brokered the deal on behalf of the seller, while the buyer was self-represented.

Balboa Tech Center sits on 5.6 acres at 8965 Balboa Ave. in the Kearny Mesa submarket. The two-story, 26,914-square-foot office building is situated between Interstate 15 and State Route 163, about 9 miles north of downtown San Diego. The second property is at 3255 Camino Del Rio S. in the Mission Valley submarket. The two-story, 33,225-square-foot asset is adjacent to Interstate 8 and east of Interstate 805, 6.4 miles northeast of downtown. Both Class B buildings are 100 percent leased to the County of San Diego.

The JLL Capital Markets team of Bob Prendergast, Lynn LaChapelle and Sach Kirpalani represented the seller in the deal. The same team was involved in the $90 million sale of Genesee Plaza in July.