Equus says it has sold the office/R&D complex located at 9173, 9174 and 9177 SkyPark Court in Kearny Mesa to an affiliate of HRPT Properties Trust, a real estate investment trust.
Equus purchased the property in 1996 for $5.4 million with $4.95 million of secured debt provided by GE Capital. Investors received a 300% return over six years.
"Our goal on each acquisition is to earn investors in excess of 20% per year, so this investment was very successful," says Chad Carpenter, president of Equus Realty Advisors.
Nick Psyllos, Rob Merkin and Brad Black of CB Richard Ellis represented both the buyer and seller.
The complex, constructed in 1987, has undergone a full redevelopment this year. BYCOR acted as general contractor for all aspects of the redevelopment, which included raising ceiling and roof heights, new HVAC, elevators, landscaping and other major upgrades.
Bycor build about 43,500 sf of new office facilities for two state agencies, the DMV and Water Quality Control Board. Another 26,000 sf of office space went to Arrow Electronics; and approximately 12,750 sf of office and laboratory space went to Provasis Therapeutics.
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