Office Project Sells for $12M

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.