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Emerald Plaza Sells for $123M

SAN DIEGO-Santa Ana-based Triple Net Properties LLC sells Emerald Plaza, a class A trophy office property, to Rreef for more than $123 million. The seller bought the property in July 2004 for $96.1 million.

By Amanda Paxson | Updated on November 14, 2005

(To read more on the TIC market, click here.)

SAN DIEGO, CA-Triple Net Properties LLC of Santa Ana has sold Emerald Plaza, a 355,000-sf trophy property Downtown, to Rreef for more than $123 million. The acquisition of the office tower represents the second major purchase for Rreef in the city since October. Built in 1991, Emerald Plaza is located at 402 W. Broadway and is leased to 52 tenants. Among them are HQ Global Workplaces, Foley & Lardner, Mack Barclay, and the San Diego Regional Chamber of Commerce. The property connects to the 436-room Wyndham Emerald Plaza Hotel. Torrance-based Kevin Shannon and Carlsbad-based Louay Alsadek of Grubb & Ellis represented the tenant-in-common sellers. “San Diego is one of the markets that Rreef wants to put money into,” Shannon tells Globest.com, citing the “great location” of the new asset.The 30-story building was purchased by Triple Net in July 2004 for $96.1 million, and the sale represents one of the largest full-cycle securitized TIC transactions to date. Shannon tells Globest.com that the acquisition will likely be a long-term hold for Rreef, which typically holds properties three to seven years, although hold terms obviously depend on the asset and the market.The acquisition follows Rreef’s purchase of the second phase of Rio San Diego Plaza office park from Carlsbad-based development firm Newport National Corp in October, as GlobeSt.com previously reported. The recently completed property, Rio San Diego Plaza II, is a three-story class A building that is part of the 189,506-sf Rio San Diego Plaza.Emerald Plaza is the 23rd sale for Triple Net this year. The company manages a portfolio of more than 26 million sf of commercial space and 1.8 million sf of multifamily properties nationwide.

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