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Office Building Trades for $16.2 Mil

SAN DIEGO-In a demonstration of the formidable power of the North County's office market, the Shidler Group has sold a 72,500-sf office building at 5505 Morehouse Dr. in Sorrento Mesa for $16.2 million.

By Randyl J. Drummer | Updated on August 22, 2001

SAN DIEGO-The Shidler Group has sold a 72,500-sf office building at 5505 Morehouse Drive in Sorrento Mesa for $16.2 million. L&B Depp Morehouse, Inc., an affiliate of Dallas-based L&B Realty Advisors Inc., bought the building in a cash deal. Shidler purchased the building in January for $11.5 million from Maintenance Warehouse Inc., a wholly owned subsidiary of Home Depot.

The three-story property, built in 1986, consists of two wings connected by a common entry. It is occupied by Texas Instruments, which signed a seven-year lease valued at about $14.6 million at the time the building was purchased by Shidler.

“The appreciation in the value of this building demonstrates that the demand for high-quality occupied office properties remains strong,” says Matt Root, a Shidler partner.

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