Triple Net Beefs Up San Diego Portfolio with $275M Play

SAN DIEGO-Santa Ana-based Triple Net Properties LLC has significantly beefed up its San Diego portfolio, having recently shelled out $274.5 million for three office buildings that encompass a total of 1,120,938 sf in the city’s Downtown area. The acquisition has catapulted Triple Net to the position of the largest office landlord in the San Diego CBD, according to the brokers who handled the deal.Triple Net’s purchase involves the Emerald Plaza at 402 W. Broadway, Comerica Bank Building at 600 B St., and Golden Eagle Plaza at 525 B St. Emerald Plaza stands 30 stories high and encompasses 356,901 sf; Comerica Bank Building is comprised of 24 stories that house a total of 336,049 sf; and Golden Eagle Plaza consists of 22 stories that span 427,988 sf combined. Collectively, the assets were 91% leased at the time of sale. Tenants here include Liberty Mutual Insurance, Comerica Bank, San Diego Chamber of Commerce, California Bank and Trust, US Navy, City of San Diego and Harcourt. Steve Corea of Triple Net spearheaded the acquisition for the LLC. Both Triple Net and seller Southwest Value Partners of San Diego were represented by Kevin Shannon, Scott Schumacher and Michael Moore of Grubb & Ellis’ South Bay office. The acquisition marks Triple Net’s largest purchase to date, according to Shannon, who notes that the tenant-in-common buyer group is expected to place more than $1 billion into office properties this year.