DRA Advisors Inc., a general partner with Landmark Asset Management Group, bought the portfolio from Clarion Partners, a private pension fund advisor. The deal closed earlier this month.
Rick Putnam and Jeff Cole, principals with Trammell Crow Co., along with Phil Monroe of Burnham Real Estate Services in San Diego, represented New York-based Clarion and its client in the transaction. The asking price was $80 million, according to Trammell Crow.
"This is the largest office sale in San Diego County this year," Putnam says.
The portfolio is 93% occupied by a total of 68 tenants and is anchored by such major tenants as Fireman¹s Fund Insurance, Allstate Insurance, Panasonic, Cypress Semiconductor, LSI Logic, Anchor General Insurance, Berkshire Life Insurance and San Diego County.
The deal demonstrates the continuing appetite of institutional investors forhigh-quality property in San Diego, Putnam says.
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