RANCHO BERNARDO, CA-As part of a 1031 Exchange transaction, Sunroad Centrum has acquired a Rancho Bernardo office asset from R.B. Phoenix Associates LLC in an all-cash deal valued at $12.4 million.
The property, known as the Rancho Bernardo Financial Plaza, stands on a 3-acre parcel located at 11770 Bernardo Plaza Court. Encompassing 71,255 sf, the three-story asset was 71% occupied at the time of sale. This figure is consistent with Rancho Bernardo's office vacancy factor of 26% for third quarter 2003, according to Andrew Meyers, the BRE Commercial/NAI broker who worked on the deal.
Meyers, who is based in BRE Commercial/NAI's UTC office, represented both Sunroad Centrum and R.B. Phoenix (with Frank Thorpe as managing member)in the recent transaction.
R.B. Phoenix originally purchased Rancho Bernardo Financial Plaza from Mass Mutual in December 2000 for $10.8 million. At the time, the asset was 94% leased. Although the occupancy level at the property now stands at 71%, this figure is an improvement over three months ago, when the project was only 64% leased. Its leasing is rebounding along with the market, according to Meyers. Major tenants here include Children's Hospital, Shell Oil Company, Philip Morris USA and World Savings Bank.
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