Glenborough Acquires Aventine Complex for $75M

SAN DIEGO-Glenborough Realty Trust Inc. has acquired a 240,000-sf master-planned office and retail development here called The Aventine for $75 million, or just over $345 per sf.

Located in the University Towne Center market, the Aventine comprises a 217,000-sf class A office building, a 23,000 sf restaurant complex and a 1,181-space underground parking garage. The San Mateo-based REIT says it acquired the office portion of the project for $286 per sf, or $62 million. The building’s vacancy rate was not immediately available. The tenant roster includes New York Life and American Express.

The Aventine is part of a larger development that also includes the Hyatt Regency La Jolla and is visible from Interstates 5 and 805 and State Highway 52. The property is in “a highly desirable, supply-constrained market near transportation centers and executive housing,” says Andrew Batinovich, Glenborough’s president and chief operating officer.