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Three-Building Portfolio Fetches $47M

SAN DIEGO-A joint venture between Greenlaw Partners and Guggenheim Real Estate Plus fund acquires a $47-million portfolio. The sale includes Kearny Mesa Crossroads and the Rio Vista building.

By Amanda Paxson | Updated on December 29, 2005

SAN DIEGO-A three-building, mixed-use portfolio totaling more than 234,000 sf was purchased in a joint venture for $47.3 million. Acquired by Greenlaw Partners and Guggenheim Real Estate Plus fund, the portfolio consists of the Rio Vista building and Kearny Mesa Crossroads. Both properties were acquired from Scanlan Kemper Bard Cos.The Rio Vista building, a three-story, 108,478-sf office property, sold for $22.4 million. Part of the Rio Vista Office complex, the property was previously owned by the Shidler Group and sold for $17 million in April 2003. It is located at 8885 Rio San Diego Dr. Amenities include a full service gourmet deli and a conference facility.Located at 3750 and 3760 Convoy St., Kearny Mesa Crossroads is comprised of two three-story buildings totaling 126,243 sf on 6.42 acres. The property sold for $24.9 million and is currently 80% leased. Amenities include common areas, a conference facility, a gym and freeway access to Interstates 805 and 15 and Highways 163 and 52.Kearny Mesa Crossroads was sold by Brookwood Kearny Mesa Investors in 2003 to Scanlan Kemper Bard Cos. for $20 million, nearly $7 million more than it had been purchased for four years prior. At the time of sale the property was approximately 92% leased.Louay Alsadek and Tony Russell of Grubb & Ellis

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