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Credit Union Sells Building

SAN DIEGO-San Diego County Credit Union has sold a building for nearly $8 million. After vacating the building, the credit union sold the 51,261-sf property to R.E. Hill Properties and Quartz Mountain Properties.

By Daniel D. Williams | Updated on December 14, 2004

SAN DIEGO-San Diego County Credit Union, the largest locally owned credit union in San Diego County, has sold an office building it once used as its corporate headquarters. The transaction is valued at $7.8 million. The Credit Union sold the property to R.E. Hill Properties and Quartz Mountain Properties.The two-story building, located at 9985 Pacific Heights Blvd., 92121, sits on approximately 2.82 acres in San Diego’s Sorrento Mesa area. Recently vacated by the San Diego County Credit Union, the class A office building will undergo interior and exterior renovations and be repositioned and offered for lease. Brad Tecca and Rick Reeder with Grubb & Ellis/BRE Commercial were brokers for both the buyer and the seller in the deal. Tecca and Reeder and will continue to handle marketing and lease negotiations for the new ownership.San Diego Credit Union is a $2.7 billion financial institution and this transaction completes the company’s buy and sell of its corporate space. In 2003, as reported on Globest.com, San Diego County Credit Union acquired a flex facility in Sorrento Mesa to use as its corporate headquarters. SDCCU paid $17 million for the 103,000-sf facility located at 6545 Sequence Dr. The sale of the Pacific Heights Blvd. is another example of a strengthening office market in the San Diego area. Just last week, another San Diego property changed hands with the sale of Mission Grove Office Park, a two-building, three-story property that sold for $9 million. The improving market trend is part of a report released by Grubb & Ellis/BRE, which states that overall office vacancy rates have dropped to 9%. Also, there was over 500,000 sf of positive absorption during the third quarter of this year.

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