Renamed Kilroy Sabre Springs, the office campus counts two six-story buildings. As part of the deal, Kilroy also takes on an adjacent, fully entitled parcel that allows the company to develop a third six-story building, adding another 149,000 sf to the property."The development component fits exactly with our value-added approach," says John B. Kilroy, Jr., president and CEO of Kilroy Realty Corp.. Kilroy adds that further development of projects such as Kilroy Sabre Springs is a major component in enhancing the company's overall returns.Located at the intersection of Interstate 15 and SR-56 in North San Diego, the acquisition strengthens Kilroy's market presence along the SR-56 corridor, according to a company executive. "We are the largest office landlord in North San Diego today and this acquisition adds to that position in North San Diego County," says Tyler Rose, senior vice president and treasurer of Kilroy, which is a Los Angeles-based REIT that owns some 7.4 million sf of office space, along with another 4.6 million sf of industrial space. According to a company report, KRC is focusing on development and redevelopment opportunities in Los Angeles and San Diego counties.Rose tells Globest.com that the acquisition was a "strategic purchase" that positions Kilroy over a prominent stretch of property in North San Diego County. Rose says the targeted area is a three-million-sf market and Kilroy "now owns one million sf of it." As for the Sabre Springs property, it's 90% lease and counts tenants such as Intel Corp., Nokia Inc., Chase Manhattan Automotive Finance and Bank of America. The property is designed for both full-floor and partial-floor tenants. Amenities include covered parking, a sand volleyball court, state of the art exercise room with shower and locker rooms in each building. Among design features are two-story, glass-walled lobbies and sixth-floor terraces that include views of nearby mountains and the adjacent 20-acre Chicarita Creek. Lynn LaChapelle, principal with Burnham Real Estate, says the property's location allows it "to serve the inland corridor and coastal markets." LaChapelle, along with Burnham Real Estate's Bob Prendergast and Ryan Gilbert represented the seller of the property, Legacy Sabre Springs LLC, owned and managed by Legacy Partners and VEF Advisors.