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Chesapeake Center Fetches $9M

SAN DIEGO-Entities of private investor Stephen J. Brown snap up the two-story office building that stands at 9555 Chesapeake Dr. in the city. The asset's largest tenant is the State of California's Department of Health Services.

By Erin Cassin | Updated on December 08, 2003

SAN DIEGO-A two-story office building known as Chesapeake Center has traded hands in the city for $8.7 million.

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.

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