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G REIT Markets San Diego 22-Story Office Tower

SAN DIEGO-The Santa Ana-based private REIT is offering Golden Eagle Plaza, a 428,000-sf property at 525 B St. The class A office property was acquired last year for more than $96 million.

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

SAN DIEGO-After changing hands last June for $96.3 million, Golden Eagle Plaza, a 22-story, 428,000-sf class A office tower is back on the block. The property was part of a blockbuster acquisition by Santa Ana-based real estate firm Triple Net Properties LLC, which shelled out $274.5 million for Golden Eagle Plaza, the 30-story Emerald Plaza at 420 W. Broadway and the 24-story Comerica Building at 600 B St. Of the three properties, only Golden Eagle Plaza is up for sale. Although Triple Net officials were unable to comment on the sale, a 10-Q filing with the SEC revealed that “on Feb. 8, 2005, the board of directors approved the listing for sale of this property.”Stephen Corea, senior vice president for Triple Net, tells Globest.com that he cannot comment on the property except to say that the firm “is negotiating with one or more parties” on the sale of Golden Eagle Plaza.Triple Net acquired the portfolio last summer from Southwest Value Partners, a privately held local real estate firm that had held ownership since the mid-90s. At the time of the purchase, Triple Net became the largest landlord in Downtown San Diego, with 12.5% of the existing office inventory. In the deal, Emerald Plaza utilized a tenant-in-common ownership structure, while Golden Eagle and Comerica properties are owned by G REIT Inc., a sister company to Triple Net. While Corea does not comment on the looming sale of Golden Eagle, he is bullish on the area office market: “The San Diego office market is very strong,” Corea says. “There is a lot of sales activity, and the current development activity focused on residential product will further limit the supply for office. We think that’s a good thing if you already own a building.”

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