In the larger of the two transactions, ScanlanKemperBard has shelled out $17.1 million for a 93,646-sf suburban office facility in San Diego. Known as Chesapeake Park Plaza, the property is located at Chesapeake Drive and Clairmont Mesa Boulevard in the Kearny Mesa area of the city. ScanlanKemperBard has purchased the asset from Chesapeake Partners LLC.
Separately, ScanlanKemperBard has procured the Palms to Pines retail complex in Palm Desert from GMS Realty LLC for $11.7 million. Encompassing 81,722 sf, the shopping center stands at Highway 111 between El Paseo Drive and Plaza Way. It is occupied by Vons and Washington Mutual.
The two acquisitions mark the fourth and fifth Southland assets that ScanlanKemperBard has tucked into its portfolio in 2003. Earlier this year, the company also bought the Rio Vista Building and the Kearny MesaCrossroads office facility in San Diego, as well as the Plaza de Monterey retail property in Palm Desert.
"We continue to be aggressive in Southern California because all economic signs point to continued strong activity in this region," says ScanlanKemperBard principal Robert D. Scanlan. "San Diego, Palm Desert and other markets have been healthy for a long time and look to continue to be that way," he adds.
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