In a move designed to reduce overhead, the new tenant will use the Kearny Mesa space to house its local administration offices. Its eight-year agreement with KM Phoenix Associates is valued at more than $3 million.
Bill Bacon of CB Richard Ellis represented the Department of Health Services in the recent transaction. Richard Gonor, Bill Cavanagh and Tony Russell of BRE Commercial/NAI's San Diego office acted on behalf of the landlord.
KM Phoenix Associates purchased the Kearny Mesa asset in July 2001 from Dallas, TX-based Transcontinental Realty Investors for nearly $6.6 million. Other recent tenants that have signed on here include Premerica, which inked a 5,367-sf, five-year lease earlier this year in a deal valued at $466,242.
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