Entities of Santa Barbara-based investor Stephen J. Brown have acquired the facility, which stands on a 3.2-acre parcel located at 9555 Chesapeake Dr. Pursuant to the sale, Chesapeake Center LP now holds an undivided 68.82% interest, while Brown Chesapeake LLC holds an undivided 31.18% interest.
Encompassing a total of 58,811 sf, Chesapeake Center was 87% leased at the time of sale. The facility's largest tenant is the State of California's Department of Health Services, which moved into the building this past Nov. 1. The occupant holds an eight-year, $3-million lease for 15,252 sf here. Other tenants of Chesapeake Center include Trane Air Conditioning, Primerica Financial Services, ORI Services and A-Life Medical.
Andrew Meyers of BRE Commercial/NAI acted on behalf of Phoenix, AZ-based seller KM Phoenix Associates LLC, which counts Frank S. Thorpe as managing member. Meyers, along with BRE Commercial/NAI colleagues Richard Gonor, Bill Cavanagh and Tony Russell, also acted on behalf of the buyers.
According to a BRE Commercial/NAI company statement, the Chesapeake Center's sales history "represents an average gain on resale of 32%." The property was sold by Transamercia Life to Equus Realty Advisors in 1994 for $3.8 million. Five years later, Transamerica Realty Advisors bought it for $5.2 million. Then, KM Phoenix Associates LLC picked it up for $6.6 million in July 2001. And finally, the asset has traded for $8.7 million in the recent sale involving the Brown entities.
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