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San Diego Sees Multiple Office Deals

SAN DIEGO-The West Bernardo Corporate Center has been sold for $10 million, while 12230 World Trade Dr., in the Carmel Mountain Rancho area of the city, fetches $9.8 million.

By Daniel D. Williams | Updated on November 29, 2004

SAN DIEGO-Office property continues to be hot in the city, with two new deals inked recently. In the first, DRA Advisors, a New York City pension fund, purchased the 60,600-sf West Bernardo Corporate Center for $10 million. The multi-tenant corporate office and R&D building, located at 15822 Bernardo Center Dr., is in the Rancho Bernardo area of the city.The 4.2-acre property was sold by Pacifica Real Estate Group, which is headquartered in Santa Barbara. John Hale, SIOR, Jay Alexander, SIOR, Brian Driscoll, SIOR, and Ryan Grove of Colliers International represented the buyer and the seller. Alexander and Grove will continue to market the property for lease. Tenants include Garden Fresh Restaurant Corp., the parent company of Souplantation Restaurants, and Thompson Learning Corp., dba Greenhaven Press. The corporate center was 75% leased at the time of the sale.The second building, a 62,148-sf office building at 12230 World Trade Dr., is in the Carmel Mountain Rancho area of the city. It was sold for $9.8 million to Menlo Equities, headquartered in Newport Beach. Judd King 2, based in Solana Beach, was the seller.Alexander and Grove, of Colliers International, represented both buyer and seller and will continue to market the property for lease for the new owner. The building is 80% occupied, with major tenants including Pulse Technologies, a tenant for nearly 10 years. Cypress Semiconductor Corporation is scheduled to occupy the building in January. The building will be renovated with improvements including painting, upgrades to the lobby and common areas and a new entrance.

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