The acquisition was financed through Wells Fargo Bank, which provided a loan of $12.6 million. Don Mitchell and Paul LaFrenz of CB Richard Ellis represented both sides in the transaction.

"This is the second major acquisition our company has made in San Diego in the first half of 2001 and the third overall, with the total value of the purchases approximately $85 million," says Matt Root, a partner with Shidler. "With interest rates remaining low and the environment for transactions remaining favorable, we are seeing opportunities in a number of our target markets. We plan to invest up to an additional $150 million in high-potential commercial properties in Southern California by the end of this year."

Shidler owns a large and growing portfolio of commercial real estate investments in California, Arizona and Texas. Its western regional headquarters is in San Diego.