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Balboa Assets Net $13M for LBA

SAN DIEGO-A partnership of Layton-Belling & Associates sells the 8975 and 8985 Balboa Ave. facilities to Jack Henry & Associates Inc. The properties, which were previously occupied by Overland Storage, will now be used by Jack Henry subsidiary Symitar as office and technology space.

By Erin Cassin | Updated on October 03, 2003

SAN DIEGO-A partnership of Layton-Belling & Associates has sold off two city assets to Jack Henry & Associates Inc. in a deal valued at $12.9 million.

The properties, which encompass a total of 96,646 sf, stand at 8975 and 8985 Balboa Ave. within Balboa Corporate Center, which is located in the Kearny Mesa area of the city. The Jack Henry & Associates subsidiary Symitar, which provides progressive technologies, will occupy the facility. It plans to use the space for its office and tech needs.

LBA principal and director of acquisitions David Thomas believes Jack Henry & Associates was attracted to the property partly because of its Kearny Mesa address. This submarket boasts a number of strong fundamentals, including a central location, great access to freeways, a diverse tenant base and no real traffic congestion issues, he tells GlobeSt.com.

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