Shidler bought the building at 5505 Morehouse Dr. from MaintenanceWarehouse Inc., a wholly owned subsidiary of Home Depot. The three-story, 72,500-sf property consists of two wings connected by a common entry. The building was built in 1986.
Immediately after closing the transaction, Shidler leased the entirebuilding to Texas Instruments, which will move in around March 1 when tenant improvements are completed.
"The Texas Instruments Building is our first acquisition for 2001, and we are aggressively pursuing other properties in the western UnitedStates with a goal of acquiring $150 million in properties this year," says Matt Root, a partner in The Shidler Group. "This building is the type of well-situated, high-quality property The Shidler Group seeks to include in its large and growing portfolio of commercial real estate investments."
Major San Diego properties acquired by The Shidler Group in 2000 included the two-building, 186,000-sf Rio Vista office complex inMission Valley for $21.6 million and a two-building, 49,000-sf office complex in Scripps Ranch for $5.6 million.
The seller of the building was represented by Bret Gossett of CB Richard Ellis, who also represented The Shidler Group in lease negotiations with Texas Instruments.
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