According to Matt Kelly, vice president with Burnham Real Estate/ONCOR International in San Diego, Metro Office LLC liked the 87%-occupied class B office park at 10000 N. 31st Ave. near Interstate 17 for the upside potential and leasing scenario. "There are a few expirations coming up and they're able to renew those tenants," says Kelly, who represented the buyer.

Also, the new owners expect to benefit from a growing demand for office space north of the Downtown since its goal targets professional service and small businesses as prospective tenants for the remaining space. Currently, the roster includes Collis & Associates, which provides public policy services to public and private sector clients; Guardsmark Inc., a security firm; and dental practice and psychiatric counseling group. Lease rates are quoted at $17 per sf, gross.

Kelly tells GlobeSt.com that the partnership will do minimal repairs on the infill asset and hold it for the long term. "They'll do a little TLC on it, but it's in good shape otherwise," he says, adding that the buyer will manage the property.