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Office Buildings Trade for $26M

SAN DIEGO-The local office investment market remains strong as two more properties sell for $26 million. The properties total more than 130,000 sf and sit on four acres.

By Daniel D. Williams | Updated on November 12, 2005

SAN DIEGO-A recovering office market continues its climb back as two office properties sell for more than $26 million. Located at 1650 and 1660 Hotel Circle North in the Mission Valley area, the properties count more than 132,000 sf.In the deal, JM43 LP acquired the properties from 1660 Investors LP and 1650 Investors LP. The buildings sit on more than four acres.The 1660 building is a seven-story office property that counts 104,098 sf and is 83% leased to 24 tenants. Major tenants include Coldwell Banker Residential Brokerage Company, the Mobile Solution and Zenith Insurance Co. The adjacent 1650 building is a two-story facility and counts 28,822 sf. The property is 100% leased to seven tenants, who include AT&T Government Solutions, Arlen Capital and Prado Mortgage Corp.Grubb & Ellis BRE Commercial brokers Steve Rowland, Tony Russell, Chris Hobson and Michael Roberts brokered the deal. Grubb & Ellis

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