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Rreef Lands Tech Park for $60M

SAN DIEGO-The real estate investment advisor takes Pacific Technology Park, a 440,569-sf mixed-use campus. The property counts four buildings and is a mix of industrial, flex and office space.

By Daniel D. Williams | Updated on January 25, 2005

SAN DIEGO-The local investment market continued its strong surge of activity with Rreef’s purchase of Pacific Technology Park. The real estate investment advisor paid some $60 million for the four-building, 440,569-sf business park. Rreef acquired the property from Pacific Value Partners. The property is mixed-use with industrial, R&D and office tenants. It’s located roughly 15 miles north of Downtown a half-mile east of Interstate 805, in the Sorrento Mesa area.Pacific Technology Park was built in two phases–in 1989 and 1991, according to James Duncan, a senior associate with Burnham Real Estate Services. The park is more than 90% occupied, Duncan tells Globest.com. “The park is a hybrid. It has full warehouse spaces and full office spaces,” Duncan says. “Kodak, Nestle, Biosite and Qualcomm are among the major tenants.” “There are a couple of spaces to fill, with the largest space being 22,000 sf,” says Duncan. But the property has opportunities to experience an increase in its cash flow over the next year as several more of its leases, which are at below market levels, will come up for renewal during the next 12 months. It’s estimated that another 110,000 sf will come up for renewal during 2005.W. Jay Borzi, Stephen R. Silk and Adam R. Edwards of Secured Capital and Mickey Morera and Jed Stirnkorb of Burnham Real Estate Services brokered the deal. The seller, Pacific Value Partners, is backed by Wolff DiNapoli, a Los Angeles investor, better known in the hotel sector. Pacific bought the property in 2002 from Layton-Belling & Associates for $52.5 million, or $119 per sf. Layton-Belling had acquired the complex in 1998 for $35.1 million, or $80 per sf.

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