Encompassing 25,326 sf, the property stands at 16776 Bernardo Center Dr. Buyer RB North LLC plans to hold the office facility as an investment.
Jamie Dick of Burnham Capital Markets Group secured the loan for RB North LLC through an undisclosed institutional lender.
The recent transaction comes as the San Diego County office market is showing some slight signs of improvement. Overall net absorption for the region's office product has jumped significantly in the first quarter of this year, rising from 193,645 sf in the last three months of 2002 to 296,262 sf in the first three months of 2003, according to a BRE Commercial/NAI report. BRE Commercial's researchers say the positive net absorption could be just the signal that investors have been waiting for, explaining that it "may be the first sign that San Diego's office market could finally be on the rebound."
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