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State Building Sale Approaches $6M

SAN DIEGO-The 32,659-sf building at 8977 Activity Rd. sells for $5.6 million. It is 100% occupied by the State of California Employment Development Department in a lease that runs until September 2009.

By Amanda Paxson | Updated on May 09, 2005

SAN DIEGO-AHZ Company Inc. has acquired a 32,659-sf office building for $5.6 million that is 100% occupied by the State of California Employment Development Department, another sign of the continued strong demand for fully leased investments in all product types in Southern California. The EDD is in the building, which was built in 1987 and is situated on 1.5 acres at 8977 Activity Rd., in a lease that runs until September 2009, according to CB Richard Ellis, which brokered the sale.

Paul Lafrenz and Don Mitchell of the CBRE Private Client Group’s San Diego Central office, along with Doug Matheson of the CB Richard Ellis Investment Properties Group, represented the seller, a partnership doing business as LMIP-2&3. The buyer was represented by Kendra Parda and Roger Bashara of Century 21, Beach & Inland Realtors.

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