The asset, known as the Old Grove Corporate Center, dates back to 1979. Encompassing 77,000 sf, the one-story facility stands at 9900-9910 Old Grove Rd. in the Scripps Ranch area of San Diego. It can accommodate either a single corporate tenant or several users, according to Matt Root, a partner of The Shidler Group, who adds that Scripps Ranch "has always been one of the most attractive suburban office locations in San Diego."

The buyer, known as Shidler West Investment Partners LP, was represented by Larry Jackel of CB Richard Ellis and Shane Wilder of Julien J. Studley Inc. The duo also acted on behalf of the seller, Ormco Corp.

The recent Scripps Ranch acquisition has occurred amidst a flurry of activity in San Diego County's office market. The sector experienced 627,000 sf of positive net absorption in the fourth quarter of 2002 alone, according to a recent report by Burnham Real Estate Services. Vacancy rates, which rose only slightly to 12.6% last year, are expected to remain steady over the upcoming year, while sales prices are predicted to climb. Burnham attributes the appeal to the region's limited supply of land, a diversified economy and strong population growth.