Egerton Investments LLC was represented by Stan Tomer of CB Richard Ellis. Barry Mahlberg of Burnham Real Estate Services ONCOR International acted on behalf of the seller, JT Mesa Rim LLC.
The deal comes as office rents in San Diego County are on the decline. According to a July report from CB Richard Ellis, office rents in San Diego County dropped 4.7% from summer 2001 to 2002, with the typical "achievable" rent for a 10,000-sf unit in a class A office building recorded as $31.08 per sf in July 2002. However, office vacancy did decline slightly during the second quarter of 2002, according to a Burnham Real Estate Services report, which says that vacancy in the county's office market dropped from 12.3% to 12.2%.
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